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TRIS Rating Co., Ltd. has affirmed the company rating of Preuksa Real Estate Co., Ltd. (PREUKSA) and the ratings of its Bt500 million senior debentures (PS069A) and its Bt100 million long-term bills of exchange (B/E) at "BBB". At the same time, TRIS Rating has assigned a "BBB" rating to PREUKSA's proposed Bt120 million B/E. The ratings reflect PREUKSA's strong market position in the low-price residential market, its competitive construction cost and its strong financial position. These strengths are partially offset by high dependence on its owner to run the company and the cyclical nature and continued intense competition in the property development business.
TRIS Rating has also affirmed the "stable" outlook to PREUKSA's rating. The outlook reflects TRIS Rating's expectation that PREUKSA will continue to maintain its strong financial position and operating performance, supported by its solid position in the low-to-medium income residential market.
TRIS Rating also said that, according to legal opinions regarding issues pertaining to the protection of the B/E holder's legal rights, the B/E rank pari passu with PREUKSA's all other present and future unsecured and unsubordinated indebtedness. However, 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
Preuksa Real Estate Co., Ltd. (PREUKSA) Company Rating: Affirmed at BBB Issue Ratings: PS069A: Bt500 million senior debentures due 2006 Affirmed at BBB Bt100 million bills of exchange due 2007 Affirmed at BBB Bt120 million bills of exchange due 2005 BBB Rating Outlook: Stable
TRIS Rating has also affirmed the "stable" outlook to PREUKSA's rating. The outlook reflects TRIS Rating's expectation that PREUKSA will continue to maintain its strong financial position and operating performance, supported by its solid position in the low-to-medium income residential market.
TRIS Rating also said that, according to legal opinions regarding issues pertaining to the protection of the B/E holder's legal rights, the B/E rank pari passu with PREUKSA's all other present and future unsecured and unsubordinated indebtedness. However, 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
Preuksa Real Estate Co., Ltd. (PREUKSA) Company Rating: Affirmed at BBB Issue Ratings: PS069A: Bt500 million senior debentures due 2006 Affirmed at BBB Bt100 million bills of exchange due 2007 Affirmed at BBB Bt120 million bills of exchange due 2005 BBB Rating Outlook: Stable