TRIS Rating Co., Ltd. has affirmed the company rating and issue ratings of Banpu PLC (BANPU) at "A". The ratings reflect BANPU's capable and experienced management team, its leading position in Thailand's coal market and its diversified base of coal reserves as well as diversification into the power business. However, these strengths are partly offset by the risk of operating in Indonesia, a politically unstable country. The ratings also take into consideration the company's greater exposure in international markets, which have more intense competition than the domestic market, as well as the high capital expenditures required to expand its coal operation in Indonesia.
TRIS Rating said that although BANPU and the Electricity Generating Authority of Thailand (EGAT) could not reach a share sale and purchase agreement of Electricity Generating PLC (EGCOMP) and Ratchaburi Electricity Generating Holding PLC (RATCH) on 23 February 2004, which was the deadline stipulated in the Memorandum of Understanding between BANPU and EGAT, this action will not affect the credit risk of BANPU and its debentures because the company continues to receive annual dividends of about Bt400-Bt500 million from its investment in RATCH. -- End
Banpu PLC (BANPU)Company Rating: Affirmed at AIssue Ratings: BP064A: Bt2,500 million senior debentures due 2006 Affirmed at ABP084A: Bt500 million senior debentures due 2008 Affirmed at ABP082A: Bt3,000 million senior debentures due 2008 Affirmed at ABP109A: Bt2,000 million senior debentures due 2010 Affirmed at ABP093A: Bt500 million senior debentures due 2009 Affirmed at ABP111A: Bt1,500 million senior debentures due 2011 Affirmed at A
TRIS Rating said that although BANPU and the Electricity Generating Authority of Thailand (EGAT) could not reach a share sale and purchase agreement of Electricity Generating PLC (EGCOMP) and Ratchaburi Electricity Generating Holding PLC (RATCH) on 23 February 2004, which was the deadline stipulated in the Memorandum of Understanding between BANPU and EGAT, this action will not affect the credit risk of BANPU and its debentures because the company continues to receive annual dividends of about Bt400-Bt500 million from its investment in RATCH. -- End
Banpu PLC (BANPU)Company Rating: Affirmed at AIssue Ratings: BP064A: Bt2,500 million senior debentures due 2006 Affirmed at ABP084A: Bt500 million senior debentures due 2008 Affirmed at ABP082A: Bt3,000 million senior debentures due 2008 Affirmed at ABP109A: Bt2,000 million senior debentures due 2010 Affirmed at ABP093A: Bt500 million senior debentures due 2009 Affirmed at ABP111A: Bt1,500 million senior debentures due 2011 Affirmed at A