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 five years and the total issue size will be up to 1.5 billion in Thai baht.

The proceeds from the issue will be used for working capital and refinancing.

The bonds are rated at the same level as Easy Buy's national long-term rating of AA+(tha), Fitch said. The company also has a national short-term rating of F1+(tha).

The ratings reflect a high probability of institutional support from its Japanese parent, Acom Co., Ltd., the agency said.

Fitch said it believes Easy Buy is a strategically important subsidiary of Acom, as reflected in Acom’s 71% ownership and full management control of the subsidiary.

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, the agency noted.

Any change in the company’s national long-term rating would have a similar effect on the bond’s rating, Fitch added.

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