TRIS Rating upgrades credit rating of CPN to "A+" with rating outlook "Stable"

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May 23, 2007



TRIS Rating upgrades the company and current issue ratings of Central Pattana Plc (CPN) to "A+" from "A". TRIS Rating assigns the ratings of "A+" to CPN's proposed up to Bt3,000mil senior debentures. The ratings reflect the company's leading position in the Thai retail property development industry, its proven record in managing high-quality shopping centers, and reliable cash flow from contract-based rental and service incomes. The rating also take into consideration CPN' s aggressive expansion plans for 2007-2010, however CPN continues our conservative financial policy by maintaining the target net debt to equity ratio at less than one times in the medium term. CPN's "stable" outlook reflects the company's ability to maintain market position in the retail property development industry by developing new projects and acquiring existing shopping centers.