INBrief: BAFS ratings affirmed

FINANCE: Fitch Ratings has affirmed the A-(tha) long-term rating and F2(tha) short-term rating for Bangkok Aviation Fuel Services Plc (Bafs). The outlook is stable.

Fitch said the ratings were based on Bafs' dominant position as the sole operator of the depot and hydrant network and as the major into-plane service operator at Suvarnabhumi Airport, with a 90% share, and its status as sole fuel service provider at Don Meuang Airport.

The ratings are also supported by Bafs' major shareholders being key users of aviation fuel services and senior management's strong track record. The ratings also reflect Bafs' improved operating performance, as well as its strong and stable cash flow generating capability.

Bafs shares closed yesterday on the Stock Exchange of Thailand at 10.60 baht, down 10 satang, in trade worth 5.15 million baht.


Source: Bangkok Post
Tuesday January 22, 2008