TRIS Rating Co., Ltd. has affirmed the company and issue ratings (CPN066A) of Central Pattana PLC (CPN) at "A-" and has assigned the ratings of CPN's proposed Bt1,000 million (CPN093A) and Bt1,500 million (CPN10DA) senior debentures at "A-". The ratings continue to reflect CPN's leading position in shopping center industry in Thailand, its recurring cash flow from contract-based rental and service income, and its good track record of operating high-quality shopping centers. The ratings also take into consideration the redevelopment risk of its largest mixed-use complex, Central World Plaza, formerly called the World Trade Center, and intensified competition in the retail industry.
TRIS Rating reported that CPN's 2003 performance was consistent with TRIS Rating's expectation. Its rental and service income grew 44% from 2002 mainly due to income from Central Plaza Rama II and Central World Plaza. Its net profit increased 26.3% from Bt948 million in 2002 to Bt1,197 million in 2003. Despite the issuance of the proposed Bt2,500 million senior debentures, the company is expected to maintain its target net debt to equity ratio of less than one time. The proceeds of the proposed debentures will mainly be used to fund the Central World Tower project and the Central World Plaza project, TRIS Rating said. -- End
Central Pattana PLC (CPN)Company Rating: Affirmed at A-Issue Ratings: CPN066A: Bt1,000 million senior debentures due 2006 Affirmed at A-CPN093A: Bt1,000 million senior debentures due 2009 A-CPN10DA: Bt1,500 million senior debentures due 2010 A-
TRIS Rating reported that CPN's 2003 performance was consistent with TRIS Rating's expectation. Its rental and service income grew 44% from 2002 mainly due to income from Central Plaza Rama II and Central World Plaza. Its net profit increased 26.3% from Bt948 million in 2002 to Bt1,197 million in 2003. Despite the issuance of the proposed Bt2,500 million senior debentures, the company is expected to maintain its target net debt to equity ratio of less than one time. The proceeds of the proposed debentures will mainly be used to fund the Central World Tower project and the Central World Plaza project, TRIS Rating said. -- End
Central Pattana PLC (CPN)Company Rating: Affirmed at A-Issue Ratings: CPN066A: Bt1,000 million senior debentures due 2006 Affirmed at A-CPN093A: Bt1,000 million senior debentures due 2009 A-CPN10DA: Bt1,500 million senior debentures due 2010 A-