Bangkok--20 Sep--Moody's
Moody's Investors Service said today that the military coup in Thailand should have no immediate effect on its nine
corporate ratings in Thailand (see the list below).
Moody's will closely monitor developments and assess the resultant impact - if any - on the credit profile of these corporates.
Moody's further comment that those corporates with refinancing requirements in the near term may face higher refinancing risk, should limitations on their accessibility to the bank and capital markets emerge.
Moody's will accordingly continue to evaluate the situation and keep the market informed of any rating impact.
For government related issuers (GRIs), principally the PTT group, Moody's does not expect that their ratings - which have factored in government support - will be affected, even with a change in the sovereign rating, a scenario that the rating agency does not contemplate at this stage.
Moody's currently assigns the following ratings to Thai corporates:
PTT Public Company Limited
-- long-term local currency issuer rating and senior unsecured bond rating at A2; long-term foreign currency issuer rating at A3, stable outlook
PTT Exploration & Production Public Company Limited
-- long-term local currency issuer rating and senior unsecured bond rating at A2, stable outlook Thai Oil Public Company Limited
-- senior unsecured bond rating at Baa1, stable outlook PTT Chemical Public Company Limited
-- long-term issuer rating and senior unsecured bond rating at Baa3, stable outlook Aromatics (Thailand) Public Company Limited (The)
-- long-term issuer rating and senior unsecured bond rating at Baa3, stable outlook Total Access Communication Public Company Limited
-- corporate family rating at Ba1, positive outlook
-- TAC Finance B.V. -- backed senior unsecured bond rating at Ba1, positive outlook True Corporation Public Company Limited
-- corporate family rating at Ba3, stable outlook G Steel Public Company Limited
-- corporate family and senior unsecured bond ratings at B1, on review for possible downgrade; and Advance Agro Public Company Limited
-- corporate family and senior unsecured bond ratings at B3, stable outlook
-- Advanced Agro Capital B.V. - backed senior unsecured bond rating at B3, stable outlook.
Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100