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TRIS Rating Co., Ltd. announced that it has affirmed the rating of Bt1,500 million senior secured debentures (LH06DA) of Land & Houses PLC (LH) at "A+" and has also assigned LH's proposed up to Bt3,000 million senior debentures at "A".
TRIS Rating said that the ratings reflect LH's sustainable leadership position in the Thai residential market, its strong brand recognition, and the proficiency of its experienced management team. However, these strengths are partially offset by the highly cyclical nature of the real estate industry and continued intense competition. The rating of the senior secured debentures (LH06DA) also takes into consideration the land bank, which is valued at 1.65 times the outstanding value of the debentures, pledged as collateral for the life of the debentures.
TRIS Rating said LH will use the proceeds of the debentures offering to repay short-term debt and to use as working capital.-- End
Land & Houses PLC (LH)Issue Ratings: LH06DA: Bt1,500 million senior secured debentures due 2006 Affirmed at A+ Up to Bt3,000 million senior debentures:
LH 1/2004, tranch 1 due 2006 A
LH 1/2004, tranch 2 due 2007 A
LH 1/2004, tranch 3 due 2008 A
TRIS Rating said that the ratings reflect LH's sustainable leadership position in the Thai residential market, its strong brand recognition, and the proficiency of its experienced management team. However, these strengths are partially offset by the highly cyclical nature of the real estate industry and continued intense competition. The rating of the senior secured debentures (LH06DA) also takes into consideration the land bank, which is valued at 1.65 times the outstanding value of the debentures, pledged as collateral for the life of the debentures.
TRIS Rating said LH will use the proceeds of the debentures offering to repay short-term debt and to use as working capital.-- End
Land & Houses PLC (LH)Issue Ratings: LH06DA: Bt1,500 million senior secured debentures due 2006 Affirmed at A+ Up to Bt3,000 million senior debentures:
LH 1/2004, tranch 1 due 2006 A
LH 1/2004, tranch 2 due 2007 A
LH 1/2004, tranch 3 due 2008 A