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TRIS Rating assigns the company rating of Bangkok Expressway and Metro PLC (BEM) at "A". The rating reflects BEM's strong business profile, supported by stable and reliable operating cash flow, and the growth prospects in the mass rapid transit (MRT) segment. These strengths are partially offset by the uncertainty over the concession renewal for the urban sectors of the expressway which will expire in 2020, and expected rise in financial leverage due to BEM's large capital expenditure plan.
The "stable" outlook reflects TRIS Rating’s expectation that BEM maintain its strong business profile and reliable cash flow from its two core lines of businesses. BEM's credit upside is limited, given the large capital expenditures planned over the next couple of years. The credit downside case will be triggered by any aggressive debt-funded investments which cause the ratio of total debt to capitalization to stay over 65% on sustained basis.
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