The “negative” outlook reflects concerns over the listed company’s abated competitive and financial strengths, which result in a weak resilience, TRIS said.

The rating continues to take into account Tirathai’s long track record and its capability in producing both power and distribution transformers with a wide range of capacities and system voltages.

These strengths are however considerably weighed down by high competitive pressure, a streak of eroded performance, and high leverage, the ratings firm added.