Fitch rates Siam Cement notes A(tha)

Fitch Ratings said it assigned a national long-term rating of A(tha) to Siam Cement PCL's up to 10 billion in Thai baht new unsecured and unsubordinated debentures No.2/2011 due 2015.

The proceeds will be used to refinance the company's maturing debentures.

The ratings reflect diversified cash flow generation from its three core businesses of petrochemical, cement and paper, Fitch said.

The ratings also are supported by its leading position in its businesses in Thailand, extensive and long-established distribution channels, strong brands in the domestic market and management's strong track record, the agency said.

The credit profile is constrained by the cyclicality of its core businesses and by Thailand's large excess capacity in cement, Fitch added.

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