Fitch: Property Perfect debentures BBB(tha)

Fitch Ratings (Thailand) Ltd. said it assigned long-term national ratings of BBB(tha) to three tranches of secured debentures issued by Property Perfect Public Co. Ltd.

The outlook is stable.

The proceeds from the debentures are to be used for Property Perfect's working capital and prepayment of short-term debt as well as for land acquisition.

Fitch said the ratings reflect the company's creditworthiness, which is enhanced by mortgages over land, although the security enforcement framework is weak in Thailand.

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