Fitch affirms Vanachai debentures

Fitch Ratings said it affirmed the BBB+(tha) long-term national ratings of the two tranches of Vanachai Group Public Co. Ltd.'s (VNG) secured debentures No.1/2002 due 2005 and No.1/2003 due 2008.

The ratings reflect VNG's creditworthiness and the value of the collateral and factor in its leading market share in domestic market, high level of production integration via the production of glue and forward expansion into value-added products, Fitch said.

However, the agency said the ratings take into account concerns on declining trend of margin over the past two years as a result of high raw material costs and in-land transportation rates.

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