Fitch expects AP to maintain its strong market position over

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Cheap Canada Goose Outlet The above article originally appeared as a post on the Fitch Wire credit market commentary page. All opinions expressed are those of Fitch Ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. Leading Market Position: AP is one of Thailand’s five largest residential property developers in term of revenue in Canada Goose Outlet 2013. Fitch expects AP to maintain its strong market position over the next five years due to its well established brands in the condominium and townhouse markets in Bangkok and nearby cities. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a revision of the Outlook to Stable at the current rating level include An improvement in EBITDA margin to above 16% (1H14: Canada Goose Sale 15.6%), and An improvement in financial leverage canada goose outlet (net debt to inventory) to 45% 47% (1H14: 48.7%) Negative: Future developments that may, individually or collectively, lead to negative rating action include: Further deterioration of EBITDA margin to below 15%, or Weaker than expected presales, or Aggressive project expansion and land acquisition leading to a sharp increase in financial leverage, with net debt to inventory sustained at above 50%. Cheap Canada Goose Outlet

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