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S&P Credit Research1033 word report
published Dec 26, 2007
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S&P Credit Research
| Abstract: | The rating on Thailand's integrated pulp and paper company Advance Agro Public Co. Ltd. (Advance Agro) is constrained by the following factors: Highly leveraged financial risk profile. Following its aggressive capital spending program, debt to EBITDA is projected to be about 4x in the near to medium term compared with 3.6x (annualized) as at Sept. 30, 2007. Funds from operations (FFO) to debt was an annualized 19% for the first nine months of 2007, compared with a 2004-2006 average of 18%. Nevertheless, this ratio may weaken moderately, as cash flow remains susceptible to cyclical pulp and paper prices and higher debt to finance Advance Agro's capital spending program. The company plans to spend about Thai baht (THB) 4 billion per
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Advance Agro Public Co. Ltd. Publication date: 26-Dec-2007 Primary Credit Analyst: Yasmin Wirjawan, Singapore (65) 6239-6302; yasmin_wirjawan@standardandpoors.com Secondary Credit Analyst: Anshukant...
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| Report Type: | Summary
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| Ticker: | AA@TB
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| Issuer: | Advance Agro Public Co. Ltd.
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| GICS: | Paper Products (15105020)
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| Sector: | Global Issuers
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| Country: | Thailand
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| Region: | Emerging Markets
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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