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Fitch affirms Siam Future Development's ratings

Fitch Ratings affirmed the national long-term rating of Siam Future Development PCL at BBB(tha), with a stable outlook.

The Thai real estate company's national short-term rating was affirmed at F3(tha).

The rating agency said the ratings are driven by the company's lower-than-expected leverage, healthy revenues from its portfolio, its strong market position, cash flow visibility and an expected increase in its secured debt. Its funds flow from operations adjusted net leverage is expected to remain at 5.0x to 5.5x over the next three years, lower than the 6.0x to 6.5x forecast.

Meanwhile, the company is expected to achieve a revenue growth of 6% to 7% in 2019, and an annual increase of 2% from 2020. Fitch expects the company to receive 200 million baht in annual dividend receipts from its 49%-owned Mega Bangna shopping center in 2019 through 2021, and its aggregate capital expenditure to stand at about 1.4 billion baht to 1.5 billion baht during the same period.

As of Sept. 26, US$1 was equivalent to 30.63 Thai baht.