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Fitch upgrades ratings on biggest Thai industrial REIT to A(tha)

Fitch upgraded its national long-term and national senior unsecured ratings on Ticon Industrial Connection Pcl's Ticon Freehold and Leasehold Real Estate Investment Trust to A(tha) from A-(tha), with a stable outlook.

In a note, the rating agency said the upgrade reflects the increase in the company's scale, which resulted from the consolidation of TICON Property Fund, TICON Industrial Growth Leasehold Property Fund and TPARK Logistics Property Fund under TICON Freehold and Leasehold into Thailand's largest industrial REIT.

Also in light of the funds' merger, Fitch removed TICON Freehold and Leasehold from its rating watch positive list.