TRIS affirms Thaicom’s A- ratings 

TRIS said the ratings reflect Thaicom’s strong market position as the sole provider of satellite communications services in Thailand. 
The ratings also take into consideration the company’s ample liquidity and its moderate financial leverage, TRIS said.
However, it said these strengths are partially constrained by complicated regulatory challenges in the satellite communications industry, substitution risks from other types of communication transmission networks, as well as large and looming capital expenditures. 
The loss of key clients, which will constrain the company’s growth in revenue and profit, are also a rating constraint, TRIS said.