At the same time, TRIS Rating assigns the rating on UNIQ’s proposed issue of up to Bt5 billion in senior unsecured debentures at “BBB”.

The one notch lower than the company rating reflects the ratio of the company’s secured debt to total assets higher than a threshold level of 20 per cent, under TRIS Rating’s criteria. The proceeds from the new debentures will be used as working capital and for debt repayment.

The ratings reflect UNIQ’s hefty project backlog, solid profitability, and growing track record of undertaking large-scale infrastructure projects. These strengths are partially offset by business concentration risks, a recent rise in financial leverage, as well as the cyclicality of and stiff competition in the engineering and construction (E&C) industry.