Bangkok--21 Jul--Moody's Investors Service
Moody's Investors Service has affirmed Finspace S.A.'s B1 corporate family rating.
Moody's has also withdrawn its B1 senior unsecured bond rating on Finspace's proposed USD notes, as they have not been issued as planned.
The outlook for the corporate family rating remains stable.
"We expect that the company will maintain its financial prudence, funding its plate mill expansion with operating cash flow and available funds in the absence of the proposed bond issuance," writes Ken Chan, a Moody's Vice President and lead analyst for the company.
Moody's last rating action on Finspace took place on April 29, 2010, when the rating agency assigned a first-time B1 corporate family and bond ratings to the company's proposed USD senior unsecured notes.
Finspace's rating was assigned by evaluating factors Moody's believe are relevant to the issuer's credit profile, such as 1) business risk and the competitive position of the company versus others in its industry; 2) its balance sheet and financial risk; 3) the projected performance over the near to medium term; and 4) management's track record and tolerance for risk.
These attributes were compared to those of other issuers within and outside Finspace's core industry; Moody's considers Finspace's rating comparable to those of other issuers with similar credit risk.
Finspace S.A., also known as the Canadoil Group, produces specialized pipes, vessels, and fittings for oil and gas, chemical, refining, power, water, and infrastructure projects worldwide. As a global company that can provide end-customers one-stop shopping integrated solutions, Finspace is unique. The group has manufacturing facilities in Thailand, Canada, and Italy, with sales offices in Thailand, Korea, Dubai, Canada, and Italy.
Hong Kong
Ken Chan
Vice President - Senior Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Hong Kong
Gary Lau
MD - Corporate Finance
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077