Fitch affirms MBK

Fitch Ratings said it affirmed MBK plc's national long-term rating at A-(tha), national short-term rating at F2(tha) and its 3 billion in Thai baht senior unsecured debentures No. 1/2007 due 2010 at A-(tha).

The outlook remains stable.

The ratings are based on MBK's established market position in the shopping center and hotel business in Bangkok, its strong and stable cash flow generation from its main shopping center and expected earnings growth and higher diversification from its new investments, Fitch said.

The ratings also reflect a weakening operating environment as a result of the global economic recession, ongoing local political instability and H1N1 Influenza epidemic, the agency said.

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