chapter12
chapter12
Knowledge Management (KM)
major cineplex
TRIS Rating Affirms Company & Issue Ratings of “MAJOR” at “A-/Stable”
February 15, 2012 14:30
source TRIS Rating
TRIS Rating Co., Ltd. has affirmed the company and senior debenture ratings of Major Cineplex Group PLC (MAJOR) at “A-” with “stable” outlook. The ratings reflect the company’s leading position in the Thai movie exhibition industry, its prime location properties, and capable management team. These strengths are partially offset by exposure to uncontrollable factors such as the number of films released, film popularity, shortening theatrical release periods prior to the distribution of DVD/VCD (digital versatile disc/video compact disc), competition from other forms of entertainment, and the proliferation of pirated home video products. The “stable” outlook reflects the expectation that MAJOR will be able to maintain its leading market position in the movie exhibition industry and sustain a satisfactory level of performance. Investment opportunities or dividend payments should be prudently considered and should not adversely affect the company’s financial position and liquidity.
The total debt to capitalization ratio decreased from 60.8% in 2009 to 58.3% in 2010 and stood at 52.6% at the end of September of 2011. The company’s liquidity profile is considered satisfactory. Funds from operations (FFO) have been maintained at approximately Bt1,000 million annually since 2005, improving to Bt1,198 million in 2010 and Bt972 million in the first nine months of 2011. The FFO to total debt ratio improved from 14.7% in 2009 to 18.1% in 2010 and 16.8% (non-annualized) in the first nine months of 2011. The EBITDA interest coverage ratio also improved, rising from 2.9 times in 2009 to 4.0 times in 2010 and to 4.6 times in the first nine months of 2011, said TRIS Rating. - End
Major Cineplex Group PLC (MAJOR)
Company Rating:
Affirmed at A-Issue Rating: MAJOR126A: Bt1,500 million senior debentures due 2012 Affirmed at A- Rating Outlook: Stable
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