Tris Rating Affirms ORI a “BBB” and a “Stable” Outlook on Performance and Sizable Backlog

TRIS Rating affirms the company rating on Origin Property Public Company Limited (ORI) at “BBB” with a “stable” rating outlook. The rating reflects ORI’s improving market position in the condominium and landed property segment. It also takes into account the company’s satisfactory operating performance supported by higher-than-average profitability and a sizeable backlog, which secures a portion of future revenues.

However, the rating is constrained by ORI’s relatively high financial leverage as a result of the aggressive expansion in both the residential and commercial property segments. The rating also takes into consideration the slowdown in demand for residential property in the medium term due to the economic fallout from the COVID-19 pandemic, which has added more pressure to the already weak economy.