Moody's assigns Baa2 to Minor securities

Moody's Investors Service said it assigned a Baa2 backed senior unsecured rating to the planned perpetual securities to be issued by Minor International PCL and guaranteed by Bangkok Bank PCL’s Singapore Branch.

“The Baa2 rating on the proposed perpetual securities takes into account (1) BBL's A3(cr) counterparty risk (CR) assessment and its (P)Baa1 foreign-currency senior unsecured MTN rating, (2) the terms and conditions of the notes and the guarantee including the ranking of the guarantee pari passu to BBL's all other present and future unsecured and senior obligations; and (3) the potential for economic loss to investors due to non-compounding of deferred coupons for the first 12 months since deferral,” Moody’s said in a press release.

Minor will primarily use the proceeds to fund its tender for any or all of its $300 million perpetual securities issued in 2018.

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