Fitch: Ek-Chai Distribution on negative watch

Fitch Ratings said it placed the AA(tha) national long-term rating on Ek-Chai Distribution System Co. Ltd.’s guaranteed debentures due 2015 on Rating Watch negative.

The negative watch follows the placement of Tesco plc’s long-term foreign-currency issuer default rating of BBB on negative watch Sept. 22, Fitch said.

The rating on Ek-Chai Distribution’s guaranteed debentures is based on the full and irrevocable guarantee provided by Tesco, a majority shareholder of Ek-Chai, the agency said.

The negative watch on Ek-Chai will be resolved once the watch on Tesco’s long-term issuer default rating is resolved, Fitch said.

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