Fitch downgrades LH outlook, citing bank unit's needs.

From: Bangkok Post (Bangkok, Thailand) | Date: November 6, 2006 | Copyright information

Nov. 6--Fitch Ratings (Thailand) yesterday revised the outlook for its credit rating on Land & Houses Plc (LH) to negative from stable, while affirming its A- national rating.

Fitch said the revision reflected the more aggressive financial plan of the country's largest residential developer, resulting from a high interim dividend payout and the increasing financial burden of its subsidiary Land and Houses Retail Bank, while income prospects remained weak.

LH's earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 35 percent year-on-year to 1.8 ...

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