TRIS Rating Co., Ltd. has affirmed the company rating of SIAM A&C CO., LTD. at "BBB+" and has affirmed the rating of SIAM A&C's Bt2,000 million guaranteed debentures (SANC05DA) at "AA". At the same time, TRIS Rating has also assigned the rating of SIAM A&C's proposed Bt1,000 million long-term bills of exchange (B/E) at "BBB+". The ratings are based on SIAM A&C's good system of credit risk and information management, the strong support it receives from its parent company and strategic partners, and its sound financial performance. The ratings also take into consideration the strong market demand in the retail finance business. However, the ratings are constrained by rising competition for both non-bank consumer finance operators and from some commercial banks, and by SIAM A&C's relatively low capital base, compared to its peers.
TRIS Rating reported that the proposed B/E of SIAM A&C are of three-year tenure with the total amount of Bt1,000 million due in 2007. According to legal opinions regarding issues pertaining to the protection of the B/E holders' legal rights, the B/E rank pari passu with SIAM A&C's all other present and future unsecured and unsubordinated indebtedness. However, TRIS Rating said that there are no obligations from the issuer to perform various duties, which are normally included in the indenture of the debentures; therefore, the B/E holders have to closely monitor the issuer's status to protect their rights. -- End
SIAM A&C CO., LTD.Company Rating: Affirmed at BBB+Issue Ratings: SANC05DA: Bt2,000 million guaranteed debentures due 2005 Affirmed at AA Bt1,000 million bills of exchange due 2007 BBB+
TRIS Rating reported that the proposed B/E of SIAM A&C are of three-year tenure with the total amount of Bt1,000 million due in 2007. According to legal opinions regarding issues pertaining to the protection of the B/E holders' legal rights, the B/E rank pari passu with SIAM A&C's all other present and future unsecured and unsubordinated indebtedness. However, TRIS Rating said that there are no obligations from the issuer to perform various duties, which are normally included in the indenture of the debentures; therefore, the B/E holders have to closely monitor the issuer's status to protect their rights. -- End
SIAM A&C CO., LTD.Company Rating: Affirmed at BBB+Issue Ratings: SANC05DA: Bt2,000 million guaranteed debentures due 2005 Affirmed at AA Bt1,000 million bills of exchange due 2007 BBB+