TRIS Rating has affirmed the company rating of Italian-Thai Development PLC (ITD) and the rating on its senior unsecured debentures at BBB-.
The ratings reflect the company’s solid market position in the domestic engineering and construction (E&C) industry, long track record, and broad range of end user markets. The ratings also reflect ITD’s sizable project backlog and a promising outlook for the domestic E&C industry over the next few years.
The ratings are constrained by ITD’s precarious financial profile and the cyclical nature of the E&C industry. The ratings are also weighed down by several poorly performing investments, which impede a turnaround.