Bangkok--21 Oct--Fitch Ratings
Fitch Ratings (Thailand) Limited has confirmed the National Long-Term Rating on CP ALL Public Company Limited’s (CP ALL; A+(tha)/Stable/F1(tha)) new secured bonds at ‘A+(tha)’. The confirmation follows an increase of the issue size to up to THB47bn from up to THB40bn.
The bonds will be issued in eight tranches due in 2016, 2018, 2020 and 2023. The bonds will be secured by shares of Siam Makro Public Company Limited (Makro) held by CP ALL. The proceeds from the bonds will be used to refinance some of the bridging loans from banks, which CP ALL used to finance its acquisition of Makro.
Fitch had assigned the rating to the secured bonds on 16 September 2013. For more details on the initial rating action on the bonds, see “Fitch Rates Thailand-based CP ALL’s Bonds ‘A+(tha)’”.