TRIS Places a "D" Rating on IEC s Issues
Thai Rating and Information Services Co., Ltd. (TRIS) announced Wednesday 12 May 1999 that it has lowered the rating of the International Engineering PLC s 1,200 million baht convertible debentures to "D" from "C". The rating is removed from CreditAlert, where it was placed with "negative" implication on 23 April 1999 because of a law-suit to be filed by the bondholder representative against the company for violating its debentures covenant.
The downgrade is based on the company s default on this debt's interest payment which was dued on 11 May 1999. TRIS will keep the "D" rating for three working days after this announcement, and then will replace it with a "Restructured" designation. TRIS will monitor developments of the restructured transactions until a new rating is assigned.
Company: The International Engineering PLC (IEC)
Debt issue: IEC@1: 1,200 mb sr conv debts due 2000
Rating assigned: Downgraded to D from C
Note: "CreditUpdate" reviews ratings of companies or debt issues that have already been rated by TRIS. The CreditUpdate occurs when new debt instruments are issued or if significant events have taken place that may impact a company s current ratings or when current ratings are cancelled. The update includes information to supplement the previously published ratings.
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