Fitch rates Property Perfect debt BBB+(tha)

Fitch Ratings said it assigned a final national long-term rating of BBB+(tha) to Property Perfect plc's 520 million in Thai baht three-year senior secured debentures with partial guarantee provided by Siam City Bank plc, which is rated A-(tha) with stable view.

The outlook is stable.

The debentures are secured by freehold land with an average appraisal value of 884 million in Thai baht, representing a value-to-loan ratio of 170%, Fitch said.

The rating reflects the company's strong brand recognition and long track record in Bangkok's prime residential market, Fitch said.

The rating also reflects the company's improving financial position and earnings performance in recent years, although its financial leverage is likely to weaken over the next few years due to more land acquisition and project developments, the agency said.

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