Fitch downgrades Ek-Chai debt

Fitch Ratings (Thailand) Ltd. said it downgraded the national long-term rating on Ek-Chai Distribution System Co. Ltd.’s guaranteed debentures due 2015 to A+(tha) from AA(tha) with a negative outlook.

The downgrade resolves the Rating Watch Negative assigned on Sept 24.

Fitch said the action follows the Oct. 23 downgrade of Tesco plc’s foreign currency long-term issuer default rating to BBB- from BBB with a negative outlook. The rating on Ek-Chai’s guaranteed debentures is based on the full and irrevocable guarantee provided by Tesco, a majority shareholder of Ek-Chai.

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