Fitch rates Ek-Chai Distribution debt AA+(tha)

Fitch Ratings said it assigned an expected AA+(tha) national long-term rating to Ek-Chai Distribution System Co. Ltd.'s up to 5 billion in Thai baht new debentures guaranteed by Tesco plc, which has a long-term issuer default rating of A-.

The outlook is stable.

The rating is based on the full and irrevocable guarantee provided by Tesco, Fitch said.

However, the guarantor will not be liable to pay the guarantee in some cases, the agency said. These risks are captured by the sovereign's country ceiling rating, which reflects transfer and convertibility risk, Fitch 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.