Fitch: CP ALL bonds A(tha)

Fitch Ratings said it assigned a national long-term rating of A(tha) to CP ALL PCL’s new senior unsecured bonds.

The bonds, which will total up to 15 billion in Thai baht, will be issued in four tranches due in 2018, 2020, 2022 and 2025.

The proceeds will be used to refinance some of CP All’s existing bank loans, Fitch said.

The senior unsecured notes are notched down one level from the company’s A+(tha) national long-term rating due to the significant amount of prior ranking debt, which was 6.2x EBITDA at end-2014, Fitch said.

CP ALL is the largest operator in Thailand’s convenience store sector with more than 8,000 stores nationwide and a domestic market share of about 60%, the agency said.

The company is likely to maintain its leading position despite intense competition because of its large network and area of coverage, along with well-established functions, Fitch said.

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