Fitch rates WHA notes BBB+(tha)

Fitch Ratings said it assigned a national long-term rating of BBB+(tha) to WHA Corp. PCL’s new senior unsecured debentures of up to 2.5 billion in Thai baht due in 2019 and 2020.

The debentures are rated at the same level as WHA’s national long-term rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

The proceeds of the debentures will be used to refinance some existing loans and fund working capital requirements, Fitch said.

WHA’s consolidated financial leverage rose significantly in 2015 because the acquisition of Hemaraj Land and Development PCL was mainly financed via debt of 32 billion in Thai baht, the agency said.

The negative outlook reflects the uncertainty about the company’s de-leveraging plan, Fitch said.

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