Fitch affirms Canadoil-Asia

Fitch Ratings said it affirmed Canadoil Asia Ltd.'s 1 billion in Thai baht short-term bills of exchange program's national short-term rating at F3(tha). The maturity of each series of the program will not exceed 270 days.

The rating reflects the company's well-established position in the heavy-duty, large-diameter pipe fitting market, its cost competitiveness, expertise and high product quality, Fitch said.

Its financial leverage, measured against operating cash flow, has remained high, the agency said, and related company exposure is a concern.

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