TRIS Rating on Tuesday assigned a company rating of “A-” to WHA Corporation.
The rating reflects WHA’s strong competitive position in warehouse business, and its place as one of the leaders in the industrial property market in Thailand, the ratings firm said.
The rating is also supported by the sizable base of recurring income the listed company earns from its properties for rent, the sale of utility services, and investments in power projects.
These strengths are however partially offset by the volatile nature of the industrial property market, TRIS explained.
The rating also incorporates the financial flexibility WHA has via selling assets to a real-estate investment trust.