TRIS Rating Affirms Company Rating on SAWAD at BBB+ with Stable Outlook

TRIS Rating affirms the company rating on Srisawad Corporation Public Company Limited (SAWAD) at BBB+ with a stable outlook. The rating reflects the company’s strong market presence in the title loan business; very strong capital, leverage, and earnings assessment; and adequate funding and liquidity profile. However, the rating is constrained by the fragile economic environment, intensifying competition, and the company’s relatively high exposure to risky property-backed loans.