BAFS Maintains 'BBB(tha)' Credit Rating from Fitch Ratings

Khaosod•Economy•8d ago

Reader Briefing

Fitch Ratings reaffirms BAFS's strong financial standing with a 'BBB(tha)' credit rating, anticipating positive cash flow from 2026.

•Fitch Ratings has maintained BAFS's domestic financial strength rating at 'BBB(tha)'.
•The rating is supported by BAFS's robust business position in aircraft refueling services.
•Fitch Ratings forecasts positive net cash flow for BAFS starting in 2026.
•The company's strong financial position and disciplined risk management are highlighted.

•Fitch Ratings affirmed Bangkok Aviation Fuel Services Public Company Limited (BAFS) at a domestic financial strength rating of 'BBB(tha)'.
•The affirmation is supported by BAFS's strong business position in aircraft refueling, including fuel storage, pipeline networks, and refueling services at two major airports.
•BAFS has renewed its aircraft refueling service contracts at regional airports: Samui, Sukhothai, and Trat.
•Fitch Ratings forecasts that BAFS will achieve positive net cash flow starting from 2026.
•This positive cash flow is expected due to reduced investment expenditures after the substantial completion of the third phase of the northern oil pipeline system construction (Ang Thong - Saraburi).
•BAFS maintains flexibility to postpone non-essential investments.
•Moderate profit growth is expected to gradually reduce the company's debt ratio.
•Despite geopolitical pressures on aircraft refueling volume, adjustments in flight schedules and routes, leading to longer flight times, are partially offsetting the decline in direct flights.

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Fitch Ratings

"Fitch Ratings expects the company to have positive net cash flow from 2026 onwards due to reduced investment expenditures."

Fitch Ratings คาดว่าบริษัทจะมีกระแสเงินสดสุทธิเป็นบวกตั้งแต่ปี 2026 จากค่าใช้จ่ายเพื่อการลงทุนที่ลดลง

Bangkok Aviation Fuel Services Public Company Limited(BAFS)

A publicly listed company providing aircraft refueling services, whose credit rating was affirmed by Fitch Ratings.

Fitch Ratingsℹ️

A global rating agency that affirmed the credit rating of Bangkok Aviation Fuel Services Public Company Limited (BAFS).