Thai Rating and Information Services Co., Ltd. (TRIS) announced Wednesday 11 October 2000 that it has downgraded the rating of Italian-Thai Development PLC's (ITD) Bt3,500 million senior debentures due 2005 to "D" from "C. " The downgrade is based upon the company's failure to make interest payments on its senior debentures due on 11 October 2000 because of a debt restructuring plan proposed by the company.
TRIS will keep the "D" rating for three working days after this announcement, and then replace it with a "Restructured" designation. TRIS will closely monitor the developments of the restructured transactions and will assign an appropriate rating when the debt restructuring plan is completed.
Italian-Thai Development PLC (ITD) Issue Rating ITD#1: Bt3,500 million senior debentures due 2005 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 CreditUpdate announces whether a rating has been "upgraded," "downgraded," "affirmed" or "cancelled." The update includes information to supplement the previously published ratings.
CreditUpdates are part of TRIS's monitoring process. TRIS monitors every rating it assigns until either the debt instrument matures or the rating contract ends. To keep the public informed of changing situations, TRIS periodically issues announcements about the credit ratings it monitors.