Fitch Ratings (Thailand) Limited has today revised the rating Outlook on Thailand-based The Erawan Group Plc ("Erawan") to Negative from Stable. At the same time, Fitch affirmed Erawan's National Long- and Short-term senior unsecured debt ratings at 'BBB(tha)' and 'F3(tha)', respectively. The change in Outlook is based on Erawan's more aggressive investment policy, which weakens its financial flexibility. Apart from its initial investment plan for two new hotels, the group recently announced