TRIS Places a "Developing CreditAlert" for KK
Thai Rating and Information Services Co., Ltd. (TRIS) announced Monday 6 March 2000 that it has placed a "developing" CreditAlert for the company rating of Kiatnakin Finance PLC meaning the rating may be changed.
The placement follows KK's announcement that it won the bid from the Financial Institutions Development Fund (FIDF) to buy a 99.99% stake in Ratanatun Finance PLC (49,999,985 shares) with a bidding value of Bt1,385 million on 3 March 2000. Furthermore, on 28 February 2000, KK issued Bt1,400 million worth of unsecured debentures, which were unrated by TRIS.
TRIS will monitor the development of the transaction and determine how this affects KK's risk profile.
Note: Kiatnakin Finance PLC (KK)
Current company rating: Senior debt BBB
CreditAlert designation: DEVELOPING
TRIS issues "CreditAlert" as part of TRIS's monitoring process as a public warning when there is insufficient information to fully assess and reconsider a debt instrument's current rating or when significant events have occurred that may affect the company's rating already assigned by TRIS. CreditAlert designations may be "positive" or "negative" or "developing", depending on the likely impact of a particular situation. The existing rating continues unchanged for the present. Monitoring is done until the debt instrument matures or the company's rating contract expires.