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S&P Credit Research1019 word report
published Feb 16, 2009
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S&P Credit Research
| Abstract: | The rating on Thai paper and pulp manufacturer Advance Agro Public Co. Ltd. reflects the company's earnings exposure to volatile and cyclical paper and pulp prices, potential deterioration in its financial profile, weak liquidity, and limited financial flexibility. These weaknesses are partially offset by Advance Agro's integrated and efficient operations, favorable market position in Thailand, and geographical diversity of its revenues. Advance Agro is exposed to the volatile and cyclical nature of paper and pulp prices. Although the company's cash flow measures such as debt to EBITDA improved to 3.2x from its three-year (2005-2007) average of 3.9x due to lower debt position, Standard&Poor's expects Advance Agro's financial profile to weaken moderately, given the declining prices and slowing demand
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Advance Agro Public Co. Ltd. Publication date: 16-Feb-2009 Primary Credit Analyst: Vishal Kulkarni, Mumbai (91) 22-6644-4021; vishal_kulkarni@standardandpoors.com Secondary Credit Analyst: Yasmin...
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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: | Corporations, Forest Products, 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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