Fitch rates Eastern Polymer Group debs A-

Fitch Ratings said it assigned Eastern Polymer Group PCL’s proposed senior unsecured debentures of up to Thai baht 800 million due 2023 a national long-term rating of A-(tha).

Proceeds will be used to refinance part of its bank loans and fund capex and investments.

The proposed debentures are rated at the same level as Eastern Polymer’s national long-term rating because they represent unconditional, unsecured and unsubordinated obligations of the company. Fitch said it believes the notes’ structural subordination is limited as it expects Eastern Polymer’s secured and prior-ranking debt/EBITDA to remain below 2x in the medium term. The company’s secured debt/last-12-month EBITDA was 1x at end-September.

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