Tris Rating Affirms BB+/Stable Outlook on CWT as Liquidity Risk Subsides
Tris Rating Affirms BB+/Stable Outlook on CWT as Liquidity Risk Subsides.
Tris Rating Affirms BB+/Stable Outlook on CWT as Liquidity Risk Subsides.
29 ก.ย. 2563

TRIS Rating removes the “CreditAlert” with “negative” implication and affirms the company rating on Chai Watana Tannery Group PLC (CWT) at “BB+“. At the same time, TRIS Rating assigns a “stable” outlook to the rating.
 
The rating action reflects the easing of the near-term liquidity risk as the company extended the maturity date of the CWT205A debentures and replaced the CWT209A debentures with new debentures.
The “BB+” rating continues to reflect CWT’s volatile margins, high business concentration, execution risks associated with new investments, and a potential surge in debt load. However, the company’s proven track record as a leather tanner, especially in the auto leather business, and the predictable cash flows from the power business help support the rating.
 