ADVANCE's rating affirmed by Tris

 At the same time, TRIS Rating has assigned the rating of "AA" to ADVANC's proposed issue of up to Bt10 billion in senior debentures. The outlook remains "stable".

 The proceeds from the proposed debentures are expected to be used for working capital requirements and reserve for future capital spending. The ratings are based on ADVANC's dominant position in the Thai cellular market due to its extensive subscriber base and well-recognized brand name. The ratings also take into consideration the company's capable and professional management team, its strong financial profile, and strong cash generating capability. However, these strengths are partially constrained by the continuation of intense competition among the three major mobile operators, inherent technological risk, and uncertainties related to telecom regulations.

 "The "stable" rating outlook is based on the expectation that ADVANC will sustain its strong operating performance and continue to pursue a conservative financial policy. ADVANC is expected to maintain its revenue market share at about 50 per cent. In addition, any regulatory policy changes are not expected to adversely impact the company's competitive advantages and financial performance," Tris said in a statement.