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 no. 9/2559.

The bonds, totaling up to 1.5 billion in Thai baht, will have maturities out to 2021.

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

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

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

Most of the company's funds for repaying debt will come from asset disposals, which are subject to market conditions that affect the valuation and timing of the disposals, Fitch explained.

The agency said it expects WHA's consolidated net-debt to lessen by 4.6 billion in Thai baht in 2016, with more if WHA completes the spin-off of its utility business.

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