Fitch: WHA notes BBB+(tha)

Fitch Ratings said it assigned a BBB+(tha) national long-term rating to WHA Corp. PCL's new senior unsecured debentures of up to 1 billion in Thai baht due in 2020.

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

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

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

But the acquisition has strengthened WHA's market position in the industrial property business, supporting its leadership in the development of premium built-to-suit warehouses for lease and industrial estates in Thailand, the agency said.

The negative outlook reflects uncertainty about the company's de-leveraging plan, the agency added.

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