Tris notes stable revenue flow
Acumen Co., Ltd.'s issue of secured senior debentures worth 3.5 billion baht has been assigned a "BBB+" rating by Thai Rating and Information Services Ltd. (Tris).
The rating reflected the expected stability of the company's revenue flow, Tris said.
Acumen's clients include a reliable payer, the Telephone Organisation of Thailand (TOT).
Restrictions on Acumen's support for other companies in the Jasmine group are seen as contributing factors. However, the rating is partly offset by Acumen's aggressive financial profile and its parent company's weak financial status.
Tris noted that Acumen, wholly-owned by Jasmine International Plc., has been awarded two 15-year concessions from the TOT, as well as three long-tern lese contracts.
The major operating expenses for Acumen are depreciation and amortisation, salaries for engineers and technicians, and leasing fees for satellite transponders, all of which account for around 61% of total revenue.
