Fitch affirms Vanachai Group

Fitch Ratings said it affirmed the national long-term BBB+(tha) rating of Vanachai Group plc's secured debentures No.1/2003 due June 2008. The debentures are secured by assets of its wholly-owned subsidiary, Vanachai Panel Industries Co. Ltd.

The rating reflects Vanachai's standalone creditworthiness and the value of assets pledged over the security, Fitch said.

But rising raw material costs continued to put pressure on its margins over the past three years, the agency said.

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