CreditUpdate No. 5/2000 25 July 2000
ALL TRIS RATINGS
RATIONALE
TRIS has adopted a National Scale Credit Rating system and reassigned ratings to entities and debentures that previously had been constrained by the sovereign limit. Under the national scale credit rating system, the highest credit worthiness in the country is rated AAA. The transition from an international scale rating system reflects TRIS's exclusive focus on company and issue ratings in local currency. The ratings are relevant only when comparing entities and debenture issues within the domestic market.
TRIS has reviewed the ratings of government-related entities and their issues and has reassigned ratings that reflect both their stand-alone credit worthiness and the degrees of their relationship with and financial support from the government. The ratings of non-government entities and their issues have also been reviewed based on the degrees by which their previous ratings had been constrained under the international scale.
Effective from 25 July 2000, the corporate credit ratings and issue ratings are as follows:
Acumen Co., Ltd.
ACUMEN#1: Bt3,500 million senior secured debentures due 2004 BBB+Advanced Info Service PLC
AIS#10: Bt8,000 million senior debentures due 2003 A+Aeronautical Radio of Thailand Ltd.
Senior debt AAGE Capital Auto Lease PLC
Senior debt A+
GECAL#1: Bt5,000 million senior debentures due 2003 A+
GECAL#2: Bt5,000 million senior debentures due 2002 A+Industrial Finance Corporation of Thailand
Senior debt A+ Italian-Thai Development PLC
ITD#1: Bt3,500 million senior debentures due 2005 BBB-Khanom Electricity Generating Co., Ltd.
KEGCO#1: Bt7,500 million senior secured debentures due 2011 A+Kiatnakin Finance PLC
Senior debt BBB
KK#7: Bt1,000 million senior debentures due 2004 BBBLSPV Co., Ltd.
Senior debt A-Property Perfect PLC
PERFEC#2: Bt1,500 million senior debentures due 1998 RestructuredShin Satellite PLC
SATTEL#2: Bt3,000 million senior debentures due 2002 BBB+Tipco Asphalt PLC
TASCO@1: Bt1,300 million senior convertible debentures due 2000 BBB-United Communication Industry PLC
UCOM#1: Bt5,000 million senior debentures due 2000 BB