Bangkok--28 Jan--Fitch Ratings
Fitch Ratings (Thailand) Limited has today affirmed the National Long-term ratings of Holcim Capital (Thailand) Ltd.’s (HCT) two series of guaranteed debentures at ‘AA-(tha)’. This includes the THB2.45bn debenture due 2012 and the THB2bn debenture due 2015. The Outlook is Stable.
The debentures’ ratings are based entirely on an irrevocable and unconditional guarantee provided by Holcim Ltd (Holcim; Long-Term Issuer Default Rating (IDR): ‘BBB’/Stable Outlook). Holcim’s ratings reflect its strong global market positions in cement, aggregates and concrete, and its complementary product portfolio and its wide geographical diversification (For more information, please refer to the credit update on Holcim, dated 13 January 2011).
Fitch notes that any change in the International rating differential between Holcim and Thailand’s ‘A-’ Long-term local currency IDR may affect the debentures’ National rating. Also, a one-notch change in the global scale rating could result in a change of more than one notch in a National rating.
HCT was established in 1998 to provide financial support to the affiliated companies of the Holcim group in Thailand by investing in securities, such as debentures, issued by such affiliated companies. HCT’s shareholders include Thai Roc-Cem Ltd. (51%) and Holderfin B.V. Netherlands (49%). Thai Roc-Cem Ltd. is 100%-owned by Holcim Participations (Thailand) Ltd., a 100%-owned subsidiary of Holderfin B.V., which is in turn wholly-owned by Holcim.
Contacts:
Primary Analyst
Obboon Thirachit
Associate Director
+66 2655 4757
Fitch Ratings (Thailand) Limited
Wave Place 13th Fl.
Wireless Road, Lumpini, Patumwan
Bangkok 10330, Thailand
Secondary Analyst
Pimrumpai Panyarachun
Associate Director
+66 2655 4752
Committee Chairperson
Kalai Pillay
Senior Director
+65 6796 7221
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Corporate Rating Methodology', dated 16 August 2010, and ‘National Ratings - Methodology Update’, dated December 18, 2006 are available at www.fitchratings.com.