Credit Flash: 2Q17 results
· We raised our view on BAL to positive from stable reflecting improvement in debt coverage metrics which we think are sustainable.
· We maintain our cautious view over GAR mainly on continuing refinancing risk and downside risk to production given its aged trees.
· Elsewise, KLK was hit by unexpected one-offs, FRL saw lower sales volume and TSH was lackluster but credit profiles remained stable.
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