Fitch rates WHA debt BBB+(tha)

Fitch Ratings said it assigned a BBB+(tha) national long-term rating to WHA Corp. PCL's (BBB+(tha)/negative) new senior unsecured debentures of up to 2 billion baht due in 2018 and 2020.

Proceeds will be used to refinance some existing loans and fund working capital requirements.

Fitch said WHA's consolidated financial leverage is likely to rise significantly in 2015-2016 because the acquisition of Hemaraj Land and Development PCL was mainly financed via debt of 32 billion baht. About 85% of this debt is due by mid-2017.

The agency expects WHA's FFO-adjusted leverage to be at 5 times to 5.5 times after it repays the debt due by mid-2017. The loans will be repaid by proceeds from asset disposals and cash saving from scaling back capex.

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