Research Update: Ratch Group Public Co. Ltd. Rating Lowered To 'BBB' On Rising Leverage; Outlook Stable

Ratch Group Public Co. Ltd. will face sustainably higher leverage following continued growth spending and an increase in leverage tolerance. While Ratch could benefit from potential equity injection and incremental cash flows from new investments in 2022, its leverage will remain high at 3.5x-4.0x over the next three to four years. On Sept. 24, 2021, S&P Global Ratings lowered its long-term issuer credit rating on Ratch and the long-term issue ratings on the company's guaranteed senior unsecured notes and U.S. dollar-denominated medium-term note program to 'BBB' from 'BBB+'. The stable outlook reflects our expectation that Ratch's steady operations and growing cash flows will support its higher leverage and growth spending over the next two years. Ratch is likely to incur

...- Ratch Group Public Co. Ltd. will face sustainably higher leverage following continued growth spending and an increase in leverage tolerance. - While Ratch could benefit from potential equity injection and incremental cash flows from new investments in 2022, its leverage will remain high at 3.5x-4.0x over the next three to four years. - On Sept. 24, 2021, S&P Global Ratings lowered its long-term issuer credit rating on Ratch and the long-term issue ratings on the company's guaranteed senior unsecured notes and U.S. dollar-denominated medium-term note program to '###' from '###+'. - The stable outlook reflects our expectation that Ratch's steady operations and growing cash flows will support its higher leverage and growth spending over the next two years....

Research Update