Bangkok--17 Feb--Fitch Ratings
Fitch Ratings (Thailand) Limited has today assigned final National ‘AA+(tha)’ Long-term ratings to Ek-Chai Distribution System Company Limited’s (ECDS) THB2.5bn guaranteed debentures due 2013, and to its THB1.5bn guaranteed debentures due 2015. The Outlook is Stable. Both issues are guaranteed by Tesco PLC (Tesco; Long-term Issuer Default Rating (IDR): ‘A-’/Stable).
This rating action follows the completion of the debentures issue and receipt of documents conforming to information previously received. The final ratings are the same as the expected ratings assigned on 25 January 2010.
ECDS is a subsidiary of Tesco, held via intermediate subsidiaries. ECDS is the market leader among modern trade retailers in Thailand by sales and number of stores.
Applicable Criteria available on Fitch’s website at www.fitchratings.com: ‘Corporate Rating Methodology’ dated 24 November 2009.
Contacts: Somruedee Chaiworarat, Bangkok, +662 655 4762; Pimrumpai Panyarachun, +662 655 4752; Vincent Milton, +662 655 4755.