Wednesday June 3, 2020 12:12

Stcoks Press Release : 19 May 2020

KBank expands to 12 currencies for outward funds transfer via K PLUS to 30 countries, aims to go global by the end of this year Stcoks—19 May 20

KASIKORNBANK (KBank) has partnered with NIUM, a Singapore-based digital cross-border money transfer platform, in developing an application programming interface (API) for international funds transfer via K PLUS, with 12 currencies available –

Fitch Downgrades Siam Future to 'BBB-(tha)'; Outlook Negative Stcoks—19 May 20

Bangkok--19 May--Fitch Ratings

Fitch Ratings (Thailand) has downgraded Siam Future Development Public Company Limited's (SF) National Long-Term Rating and senior unsecured debt rating to 'BBB-(tha)' from 'BBB(tha)'. The Outlook is Negative. Simultaneously, the agency has affirmed its National Short-Term Rating at 'F3(tha)'.

The downgrade reflects Fitch's expectation that SF's financial leverage will rise significantly beyond the level consistent with a 'BBB(tha)' rating in 2020-2021, due to the impact on its shopping centres from the coronavirus pandemic and resultant economic downturn and a relatively inflexible cost structure as well as large capex plan during 2020-2022.

Fitch expects the impact to last at least the next three to six months, even after the relaxation of the lockdown measures in late May and the re-opening of non-essential businesses, as store traffic will only resume gradually leaving retailers unprofitable for longer. A normalisation of revenue could be at least 18-24 months away. The rating may be downgraded further if SF is not on track to reduce funds flow from operations (FFO) net leverage to around 8.0x by 2022.

KEY RATING DRIVERS
Heightened Financial Leverage: Fitch expects SF's FFO net leverage to surge to 13x-15x in 2020-2021, and then decline to 8.0x by 2022. SF's cash flow generation will be severely affected by the shoppin