TRIS Rating Co., Ltd. reported today that it will publicize the credit rating status of the Thai Military Bank PLC (TMB) and the Industrial Finance Corporation of Thailand PLC (IFCT) once the merger process of TMB and IFCT with the Thai Danu Bank PLC (DTDB) is completed.
TRIS Rating said TMB, IFCT and DTDB signed a Memorandum of Understanding (MOU) on 8 March 2004 to merge these three entities. The merger process needs to be approved by each firm's shareholders, followed by a tender offer to purchase all shares of IFCT and DTDB during May to June 2004. The merger process is expected to be completed by June 2004. After the completion of the merger, TRIS Rating will permanently remove the company rating of IFCT. Meanwhile, the ratings of TMB must be reviewed based on the credit profile of the new entity after the merger.
Currently, the rating of TMB is "BBB-" with a "BB+" rating for its Bt6,000 million subordinated debentures while the rating of IFCT is "A+", TRIS Rating said. -- End
TRIS Rating said TMB, IFCT and DTDB signed a Memorandum of Understanding (MOU) on 8 March 2004 to merge these three entities. The merger process needs to be approved by each firm's shareholders, followed by a tender offer to purchase all shares of IFCT and DTDB during May to June 2004. The merger process is expected to be completed by June 2004. After the completion of the merger, TRIS Rating will permanently remove the company rating of IFCT. Meanwhile, the ratings of TMB must be reviewed based on the credit profile of the new entity after the merger.
Currently, the rating of TMB is "BBB-" with a "BB+" rating for its Bt6,000 million subordinated debentures while the rating of IFCT is "A+", TRIS Rating said. -- End