Fitch revises Navanakorn view to stable

Fitch Ratings said it revised Navanakorn Electricity Generating Co. Ltd.'s outlook to stable from negative and affirmed the rating at A-(tha). Concurrently, Fitch affirmed NNEG's senior unsecured rating at A-(tha).

“The outlook revision reflects our expectation that higher earnings from NNEG's expansion phase and positive free cash flow in 2021-2022 will drive an improvement in financial leverage over the next three years. Capex will reduce significantly from 2021 onwards after the company finished the construction of the expansion phase,” the agency said in a press release.

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