Fitch cuts Property Perfect view to negative

Fitch Ratings (Thailand) said it revised the outlook on Thailand-based Property Perfect Public Co. Ltd. to negative from stable.

At the same time, Fitch has affirmed the BBB(tha) national long-term ratings on the three tranches of Property Perfect's 1.5-year, two-year and 2.5-year secured debentures totaling Thai baht 1.55 billion, maturing February 2006, August 2006 and February 2007, respectively.

Fitch said the revision in the outlook to negative is based on Property Perfect's worse-than-expected 2004 earnings performance and higher-than-expected financial leverage, which has lowered the company's financial flexibility.

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