Bangkok--4 Jan--Moody's
Moody's Investors Service has withdrawn its B1 corporate family rating on Finspace S.A..
RATINGS RATIONALE
The credit rating has been withdrawn because Moody's Investors Service will not have sufficient or otherwise adequate information to support the maintenance of the credit rating. Please refer to Moody's Investors Service's Withdrawal Policy, which can be found on our website, www.moodys.com. Moody's does not rate any of Finspace's long-term debt obligations.
Moody's last rating action on Finspace took place on 20 July 2010, when the corporate family rating was affirmed at B1, and the bond rating was withdrawn because the company's proposed USD notes were not issued as planned.
Finspace's rating was assigned based on factors that Moody's believe are relevant to the risk profile of Finspace, such as 1) business risk and the competitive position compared with other firms within the industry;
2) capital structure and financial risk; 3) the projected performance over the near to intermediate term; and 4) management's track record and tolerance for risk. These attributes were compared against other issuers both in and outside Finspace's core industry; Moody's believes the company's ratings are comparable with those of other issuers of similar credit risk.
Finspace S.A., also known as the Canadoil Group, produces specialized pipes, vessels, and fittings for oil and gas, chemical, refining, power, water, and infrastructure projects worldwide. As a global company that can provide end-customers one-stop shopping integrated solutions, Finspace is unique. The group has manufacturing facilities in Thailand, Canada, and Italy, with sales offices in Thailand, Korea, Dubai, Canada, and Italy.
REGULATORY DISCLOSURES
Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com for further information.