Moody's upgrades Minor 2020 perpetuals

Moody's Investors Service said it upgraded the backed senior unsecured rating to Baa1 from Baa2 on Minor International PCL’s $300 million of perpetual securities issued in 2020 with the first call date on June 29, 2023 (2020 perpetuals). Bangkok Bank PCL (Hong Kong) guarantees the perpetual securities.

"The upgrade of the 2020 perpetuals' backed senior unsecured rating to Baa1 follows the payment of coupon on these securities in December 2022. With the payment, the possibility of a coupon deferral has been eliminated since there is only one coupon outstanding that will be paid on June 29, 2023, along with the principal by either Minor or BBlhk. Consequently, there is no potential for economic loss to investors due to non-compounding of interest on deferred coupons," said Hui Ting Sim, a Moody's assistant vice president and analyst, in a press release.

"The Baa1 rating of the 2020 perpetuals is at the same level as the foreign-currency senior unsecured medium-term note (MTN) rating of its guarantor, BBlhk," added Sim.

Moody’s does not have an outlook for Minor.

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