TRIS Rating Co., Ltd. has affirmed the company rating of CH. Karnchang PLC (CK) at "A-". At the same time, TRIS rating has assigned the ratings of CK's proposed three sets of senior debentures at "A-". CK's proposed senior debentures are three-year up to Bt2,000 million (CK#1), five-year up to Bt500 million (CK#2) and five-year up to Bt500 million (CK#3).
TRIS Rating said that the ratings reflect CK's leading position in Thailand's engineering and construction (E&C) industry, its proven record in government infrastructure projects, and recurring income from its concession investments. These strengths are partly offset by the cyclicality of the E&C industry and increasing risks from rising construction material prices. While the "stable" outlook reflects the expectation that CK will continue to maintain its competitiveness in government infrastructure projects. The company's capital gains from its investments in concession companies are expected to improve its liquidity and leverage level, TRIS Rating said. -- End
CH. Karnchang PLC (CK) Company Rating: Affirmed at A- Issue Ratings: CK#1: Up to Bt2,000 million senior debentures due 2007 A- CK#2: Up to Bt500 million senior debentures due 2009 A- CK#3: Up to Bt500 million senior debentures due 2009 A- Rating Outlook: Stable
TRIS Rating said that the ratings reflect CK's leading position in Thailand's engineering and construction (E&C) industry, its proven record in government infrastructure projects, and recurring income from its concession investments. These strengths are partly offset by the cyclicality of the E&C industry and increasing risks from rising construction material prices. While the "stable" outlook reflects the expectation that CK will continue to maintain its competitiveness in government infrastructure projects. The company's capital gains from its investments in concession companies are expected to improve its liquidity and leverage level, TRIS Rating said. -- End
CH. Karnchang PLC (CK) Company Rating: Affirmed at A- Issue Ratings: CK#1: Up to Bt2,000 million senior debentures due 2007 A- CK#2: Up to Bt500 million senior debentures due 2009 A- CK#3: Up to Bt500 million senior debentures due 2009 A- Rating Outlook: Stable