Bangkok--11 Oct--Fitch Ratings
Fitch Ratings (Thailand) Limited has today downgraded the National Long-term ratings of Gulf Cogeneration Company Limited’s (GCC) two tranches of amortising and guaranteed debentures to ‘AA(tha)’ from ‘AAA(tha)’. This includes the THB1.16bn five-year tranche and the THB2.9bn 10-year tranche, maturing April 2011 and April 2016 respectively. At the same time, the agency has revised the rating Outlook of GCC’s guaranteed debentures to Negative from Stable.
The rating actions on GCC’s guaranteed debentures follows the agency’s downgrade of the Long-term Issuer Default Rating (IDR) of DEPFA Bank plc (DEPFA), the guarantor, to ‘BBB+’/Outlook Negative from ‘A-’/Outlook Stable.
The ratings of GCC’s debentures are based entirely on the irrevocable and unconditional guarantee of the debentures’ principal and interest payment by DEPFA. The Negative Outlook on the guaranteed debentures reflects the Outlook of the guarantor. Fitch notes that any International rating divergence between DEPFA and Thailand may affect the debentures’ National rating, and that a one-notch change in the global scale rating could result in a change of more than one notch in a National rating.
For further information on the DEPFA downgrade, see “Fitch Takes Various Rating Actions on HRE Group Companies; Downgrades DEPFA”, dated 8 October 2010 and available at
www.fitchratings.com