TRIS Rating Co., Ltd. has affirmed a rating of “BBB+” with “stable” outlook for the proposed issue of up to Bt1,000 million in senior debentures due within three years by Asian Property Development PLC (AP). The rating and outlook replace the “BBB+/Stable” rating previously assigned by TRIS Rating on 19 September 2008 for the same debenture issue but with a stated maturity of within 2011. As AP has decided to postpone the issuance of the proposed debentures from late 2008 to the first quarter of 2009, the maturity is in effect changed from due within 2011 to due within 2012.
At the same time, TRIS Rating said that the company rating and the ratings of other senior debentures of AP have also been affirmed at “BBB+”.
AP plans to use the proceeds from the proposed debentures to support expansion and finance working capital.
For the full rating rationale, please refer to TRIS Rating’s CreditNews no. 570, dated 19 September 2008. -- End
Company Rating: Affirmed at BBB+ Issue Ratings: AP107A: Bt1,500 million senior debentures due 2010 Affirmed at BBB+ AP117A: Bt1,000 million senior debentures due 2011 Affirmed at BBB+ AP118A: Bt1,000 million senior debentures due 2011 Affirmed at BBB+ Up to Bt1,000 million senior debentures due within 2012 Affirmed at BBB+ Rating Outlook: Stable
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