TRIS Affirms COCO's Issue Rating at "BBB+"
Thai Rating and Information Services Co., Ltd. (TRIS) announced Friday 11 August 2000 that it affirms a "BBB+" rating to the Bt2,200 million senior debentures due 2005 of the Cogeneration PLC (COCO). The issue is an increase from the Bt2,000 million debentures, for which TRIS issued a rating on 27 July 2000. The rating announced on 27 July 2000 considered issues up to Bt2,500 million.
TRIS repeated that the rating reflects COCO's well-structured Power Purchase Agreements (PPAs), efficient cogeneration technology, long-term fuel supply contracts and diversification of fuel types. However, concern over the company's near term financial position and the limited track record of operating its phase 3 power plants partially offset these factors.
The Cogeneration PLC (COCO): Issue rating COCO#1: Bt2,200 million senior debentures due 2005 BBB+