TRIS Rating Co., Ltd. has affirmed a rating of “A-” with “stable” outlook for the proposed issue of up to Bt1,500 million in senior debentures due within three years by Preuksa Real Estate PLC (PS). The rating and outlook replace the “A-/Stable” rating previously assigned by TRIS Rating on 25 June 2008 for the same debenture issue but with a stated maturity of within 2011. As PS 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 PS have also been affirmed at “A-”.
PS plans to use the proceeds from this offering to fund its expansion.
For the full rating rationale, please refer to TRIS Rating’s CreditNews no. 549, dated 25 June 2008. -- End
Company Rating: Affirmed at A- Issue Ratings: PS098A: Bt400 million senior debentures due 2009 Affirmed at A- PS108A: Bt600 million senior debentures due 2010 Affirmed at A- Up to Bt1,500 million senior debentures due within 2012 Affirmed at A- Rating Outlook: Stable
Copyright 2009, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.