Fitch affirms Gulf Cogeneration

Fitch Ratings said it affirmed the national long-term rating of AAA(tha) for three tranches of amortizing and guaranteed debentures issued by Gulf Cogeneration Co. Ltd. This includes the three-year tranche of THB1.74 billion, five-year tranche of THB1.16 billion and 10-year tranche of THB2.9 billion, maturing April 2009, April 2011 and April 2016, respectively.

The outlook remains stable.

The rating is based entirely on the irrevocable and unconditional guarantee of the principal and interest payments of the debentures by Depfa Bank plc (long-term foreign-currency issuer default rating AA- with stable outlook. As Depfa's rating is currently above that of the Thai sovereign (long-term local-currency issuer default rating A with stable outlook), the guaranteed debentures are capped at Thailand's national rating of AAA(tha), the agency said.

Depfa's rating is based on its low credit risk, the bank's expertise in its chosen business, good performance and reasonable capital ratios, Fitch said.

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