TRIS Rating affirms the company rating of Bangkok Expressway PLC (BECL) at “A” and upgrades the ratings of BECL’s current senior debentures to “A” from “A-”. The upgrades for the ratings of the debentures are based on the proportion of secured debts, which were lowered to a level that does not threaten the claims of the debenture holders compared with secured creditors. BECL’s ratings reflect the proven traffic volume on its expressways, stable cash flow, the benefit of being the only toll road system linked to the First Stage Expressway System (FES), and a strong management track record. These strengths are partially offset by high leverage, uncertainty over future government transportation policies, and the government’s potential intervention in toll rate adjustments.


The “stable” outlook reflects the expectation that BECL’s operational performance will be satisfactory for the remaining lives of the concessions. In addition, dividend payments and future investments are expected to be carefully managed so that they will not harm the company’s financial profile.