Fitch: WHA debentures A-(tha)

Fitch Ratings (Thailand) Ltd. said it has assigned WHA Corp. Public Co. Ltd.'s up to THB 2.7 billion of senior unsecured debentures a A-(tha) national long-term rating.

The debentures will be issued in three tranches due in 2016, 2017 and 2018, and the proceeds will be used to refinance some of WHA's existing project loans and finance expansion, according to the agency.

The senior unsecured debentures are rated at the same level as the issuer's national long-term rating, and this is based on Fitch's expectation that WHA's future debt will be on an unsecured basis, rather than on a secured basis as its existing debt are.

This is because recent project loans granted from its main bankers are on an unsecured basis with a negative pledge condition, Fitch said. As a result, the agency expects WHA's secured debt to EBITDA to decrease to below 2.0x by end-2013 from 8.4x at end-2012,

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