Fitch gives WHA debentures A-(tha)

Fitch Ratings (Thailand) Ltd. said it assigned WHA Corp. PCL's senior unsecured debentures of up to 2 billion baht an A-(tha) national long-term rating.

Simultaneously, the agency affirmed WHA's national long-term rating at A-(tha), national short-term rating at F2(tha) and the national long-term rating on its senior unsecured debentures at A-(tha).

The outlook is stable.

The new debentures will be issued in two tranches due in 2017 and 2019. The proceeds will be used to finance WHA's expansion plan.

The senior unsecured debentures are rated at the same level as WHA's national long-term rating. 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 some of its existing debt is. This is because recent project loans granted by its main bankers are on an unsecured basis with a negative pledge condition.

At end-March 2014, WHA's secured debt was about 40% of the company's total debt. WHA's secured debt to EBITDA decreased to 1.1x at end-2013 from 8.4x at end-2012.

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