Fitch revises IRPC view to stable

Fitch Ratings (Thailand) Ltd. said it revised the outlook on IRPC PCL to stable from negative.

The agency also affirmed the national long-term rating at A-(tha), national short-term rating at F2(tha) and senior unsecured national rating at A-(tha).

Fitch said the outlook revision reflects its expectation of more headroom over the credit metrics appropriate for the current ratings.

The agency expects IRPC's leverage (as measured by FFO-adjusted net leverage) to stay at around 3.5 times to 4 times in 2016-2017, which is lower than previously projected at 3.5 times to 4.5 times. This is supported by lower-than-expected debt in 2015, improving operating cash flows, and continued extension of the credit terms arrangement with PTT PCL (AAA(tha)/stable), its single-largest shareholder.

Fitch added that it expects IRPC's leverage to improve further after 2017.

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