TRIS Rating has upgraded the company rating for Central Pattana Plc to “AA” from the previous “AA-” as well as the ratings of senior unsecured debentures.
The upgrades reflect the company’s stronger financial profile driven by solid operating performance and reliable streams of income, reported TRIS.
The ratings continue to reflect CPN’s leading position in the retail property development industry in Thailand. Also cited were the company’s record managing high-quality shopping centres, reliable cash flows from contract-based rental and service income, and conservative financial policy.
The ratings also take into consideration the large capital expenditures needed for business expansion during 2017-2020.