Bangkok--10 Jul--Fitch Ratings
Fitch Ratings (Thailand) Limited has today withdrawn the ‘F1(tha)’ National Short-term rating of Esso (Thailand) Plc’s (“Esso”) THB8.0 billion bills of exchange (“B/E”) programme, following the company’s early termination of the programme.
Esso filed its THB8.0bn B/E revolving programme with Thailand’s Securities and Exchange Commission (“SEC”) in September 2004 and received approval for the B/E revolving programme for a three-year period. However, Esso has terminated the programme agreement, effective today. There have been no B/E outstanding since end-June 2006.
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.
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