Fitch rates 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 seven years and the 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 consumer financing company's national long-term rating of AA+(tha), the agency said.

Easy Buy also has a national short-term rating of F1+(tha) and an AA+(tha) national long-term rating on its outstanding senior unsecured bonds.

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 ongoing and previous financial and operational support, such as debt guarantees, direct lending and the transfer of technical knowledge, Fitch added.

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