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 3 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 of the debentures will be used to repay the maturing bonds and fund working capital and capital expenditure requirements, the agency said.

The negative outlook reflects the remaining challenge for WHA to de-leverage as planned, given its increases in project-development cost, as well as overseas investment of about 7.5 billion in Thai baht per year in 2017 through 2019, Fitch said.

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