Fitch: Easy Buy bonds AA(tha)

Fitch Ratings said it assigned a national long-term rating of AA(tha) to Easy Buy PCL's senior unsecured bonds.

The bonds will have maturities of up to five years and total issue size will be up to 2 billion in Thai baht.

The proceeds from the issue will be used for general corporate purposes and refinancing, Fitch said.

The bonds are rated at the same level as the company's national long-term rating of AA(tha), the agency said.

The ratings reflect an expectation of a high probability of institutional support from parent company ACOM Co., Ltd., Fitch said.

The agency said it believes Easy Buy is a strategically important subsidiary of ACOM, as reflected in ACOM's 71% majority ownership and full management control.

There also is clear evidence of both ongoing and previous financial and operational support, such as debt guarantees and direct lending, Fitch added, as well as the transfer of technical knowledge.

Easy Buy also is ACOM's largest overseas subsidiary with the highest revenue contribution, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.