Fitch rates Gulf Cogeneration notes AAA(tha)

Fitch Ratings said it assigned an expected AAA(tha) national long-term rating to three tranches of amortizing and guaranteed debentures issued by Gulf Cogeneration Co. Ltd. The three-year tranche of up to Thai baht 1.8 billion, five-year tranche of up to Thai baht 1.2 billion and 10-year tranche of up to Thai baht 3 billion will mature in April of 2009, 2011 and 2016, respectively. The outlook is stable.

Fitch said the rating is based entirely on the irrevocable and unconditional guarantee of the principal and interest payments of the debentures by Ireland-based Depfa Bank plc (AA-/stable).

The rating of the guarantor, Depfa, reflects its low credit risk and expertise in its chosen business, consisting exclusively of public sector finance, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.