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Fitch Revises Thai Beverage's Outlook to Negative; Affirms at 'BBB-'/'AA(tha)'

Fitch Ratings has revised Thai Beverage Public Company Limited's (ThaiBev) Outlook to Negative from Stable and affirmed its Issuer Default Rating at 'BBB-' and National Long-Term Rating at 'AA(tha)'. The Negative Outlook reflects the risks associated with high leverage over the next 12-18 months. ThaiBev's EBITDA net leverage increased to 4.1x in the year ended 30 September 2025 (FY25) from 3.8x at FYE24 and Fitch forecasts that leverage in FY26will remain above 3.5x, the threshold at which

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