Fitch rates Advanced Wireless notes AA+(tha)

Fitch Ratings said it assigned a national long-term rating of AA+(tha) to Advanced Wireless Network Co. Ltd.'s senior unsecured debentures.

The debentures, which will total up to 15 billion in Thai baht, will be issued in two tranches due in 2023 and 2026.

The proceeds from the debentures will be used to fund capital expenditures and working capital, Fitch said.

The debentures are rated at the same level as the company's national long-term rating of AA+(tha) as they constitute direct, unsecured, unconditional and unsubordinated obligations of the company, the agency said.

The ratings are equalized with those of its parent, Advanced Info Service PCL, to reflect their strong links, Fitch said.

Advanced Info Service will continue to benefit from an increase in data usage due to its superior network quality, the agency said. The company has heavily invested in its 3G network over the past two years, Fitch explained.

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