Fitch Ratings (Thailand) has upgraded the Siam Cement Public Company Limited?s (?SCC?) long term national credit rating to ?A? from ?A-?. This upgrade reflects SCC?s strengthened financial position, recovery in its core earnings, as well as the strong projected future operating performance. With the priority given to debt reduction during the past 3 years, SCC has been able to make significant improvements in its financial position, with positive net free cash flow. Moreover, the company?s net debt to EBITDA ratio target of 3.0x will likely be reached ahead of schedule. At the end of 2003, SCC?s net debt was at 114.9 billion Baht, consisting of 42% short term and 58% long term. In light of the current low interest rate environment, SCC is likely to achieve lower funding costs from refinancing its debts.