Fitch expects CP ALL's funds from operations (FFO)-adjusted net leverage to remain above 3.5 times beyond 2018. CP All's national long-term rating has been downgraded to 'A(tha)' from 'A+(tha)', the national long-term rating of its secured bonds to 'A(tha)' from 'A+(tha)', and the national long-term rating of its senior unsecured bonds to 'A-(tha)' from 'A(tha)'. Fitch has simultaneously affirmed CP All's national short-term rating at 'F1(tha)'. It has also assigned CP ALL's new subordinated perpetual debentures a national long-term rating of 'BBB(tha)'. The ratings agency lowered Makro's national long-term rating to 'A(tha)' from 'A+(tha)'.

Source: Bangkok Post September 25, 2016 23:37 UTC