Fitch rates Bangkok Aviation notes BBB-

Fitch Ratings said it assigned Bangkok Aviation Fuel Services PCL's planned subordinated perpetual debentures a BBB-(tha) national long-term rating. The issuance is up to 1 billion baht, payable upon dissolution with the issuer's right to early redemption and unconditional interest deferral.

The rating on the proposed perpetual debentures is two notches below BAFS's national long-term rating (IDR) of BBB+(tha), in accordance with Fitch's ‘Corporate Hybrids Treatment and Notching Criteria’. The rating includes two notches for loss severity, reflecting the debentures' subordination and heightened risk of non-performance relative to other obligations,” the agency said in a statement.

The proceeds will be used to fund capex and to refinance debt.

The outlook is negative.

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