TRIS Suspends Ratings of 3 Finance Companies
------------------------------------------------------------------------------------
Thai Rating and Information Services (TRIS) announced Thursday, 7 August 1997,
in a CreditUpdate that it has suspended the ratings of 3 finance companies due
to the order of the authorities that the 42 finance and securities companies
temporarily cease operations as one of the measures to strengthen confidence in the
financial institution system.
Following the announcement, TRIS suspended the ratings of the following companies:
Cathay Finance and Securities PLC
Sr debt:
CATHAY#1: 1,000 mb sub debs
Kiatnakin Finance and Securities PLC
KK#1: 1,200 mb sr debs due 1998
KK#2: 2,000 mb sr debs due 2001
Thai Thamrong Finance Co., Ltd.
T-RONG#2: 1,500 mb sr debs due 2000
T-RONG#1: 700 mb sub debs due 2001
Rating suspension means the ratings previously assigned by TRIS are invalid
until a full assessment of the recent developments can be made.
Note: Credit Update” reviews ratings of companies or debt issues that have already
been rated by TRIS. CreditUpdate occurs when new debt instruments are issued or if significant events have taken place that may impact a company s current
ratings or when current ratings are cancelled. The update includes information
to supplement the previously published ratings.
************
------------------------------------------------------------------------------------
Thai Rating and Information Services (TRIS) announced Thursday, 7 August 1997,
in a CreditUpdate that it has suspended the ratings of 3 finance companies due
to the order of the authorities that the 42 finance and securities companies
temporarily cease operations as one of the measures to strengthen confidence in the
financial institution system.
Following the announcement, TRIS suspended the ratings of the following companies:
Cathay Finance and Securities PLC
Sr debt:
CATHAY#1: 1,000 mb sub debs
Kiatnakin Finance and Securities PLC
KK#1: 1,200 mb sr debs due 1998
KK#2: 2,000 mb sr debs due 2001
Thai Thamrong Finance Co., Ltd.
T-RONG#2: 1,500 mb sr debs due 2000
T-RONG#1: 700 mb sub debs due 2001
Rating suspension means the ratings previously assigned by TRIS are invalid
until a full assessment of the recent developments can be made.
Note: Credit Update” reviews ratings of companies or debt issues that have already
been rated by TRIS. CreditUpdate occurs when new debt instruments are issued or if significant events have taken place that may impact a company s current
ratings or when current ratings are cancelled. The update includes information
to supplement the previously published ratings.
************