Fitch Rates EASY BUY#s THB Senior Unsecured Bonds at #AA+(tha)#

Stocks and Financial Services Press Releases Friday March 22, 2019 17:26
Bangkok--22 Mar--Fitch Ratings

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'AA+(tha)' to EASY BUY Public Company Limited's (EB; AA+(tha)/Stable) upcoming issue of senior unsecured bonds. The bonds will have a tenor of up to three years, and proceeds from the issuance will be used for working capital and debt refinancing.

KEY RATING DRIVERS
The bonds are rated at the same level as EB's National Long-Term Rating of 'AA+(tha)' as they represent the unsubordinated and unsecured obligations of the company.

EB's ratings are driven by Fitch's view that it is a strategically important subsidiary of ACOM CO., LTD. (A-/Stable) of Japan. ACOM owns 71% of EB and has management control of the Thai entity. EB has strong synergies with its parent, and there is ongoing evidence of funding and operational support.

RATING SENSITIVITIES
Any change in EB's National Long-Term Rating would lead to a similar change in the bonds' rating.
EB's National Long-Term Rating could be affected by any changes in ACOM's ratings, which would reflect a shift in ACOM's ability to support EB.

EB's ratings could also be affected if Fitch believes there are any changes in ACOM's propensity to provide extraordinary support to EB. For example, Fitch may upgrade EB's ratings if its contributions rise in a way that makes it a core subsidiary of the group. Conversely, the agency may take negative rating action if the parent significantly reduces its ownership or financial support to EB. However, Fitch does not expect such changes to occur in the medium term.


Latest Press Release

Fitch Upgrades Thailand#s IRPC to #A(tha)#; Outlook Stable

Fitch Ratings (Thailand) has upgraded IRPC Public Company Limited's National Long-Term Rating and senior unsecured rating to 'A(tha)' from 'A-(tha)'. The Outlook is Stable. Fitch has also upgraded IRPC's National Short-Term Rating to 'F1(tha)' from...

SET hosts exclusive forum for 31 embassies to showcase Thailand investment potential

The Stock Exchange of Thailand (SET) hosted "Embassies @ SET" Forum in Bangkok. The first-ever forum has gathered together 50 diplomatic professionals of 31 embassies in Thailand to gain insights into investment opportunities in the Thai capital market,...

KBank supports Revenue Department in pioneering e-Tax Invoice and e-Receipt service

KASIKORNBANK PCL (KBank) will be the trailbrazer in launching the e-Tax Invoice and e-Receipt service to allow business operators to submit these documents to the Revenue Department with swiftness while also reducing their tax management cost. Ms. Kitiya...

Thai Prime Minister Opens CLMVT Forum 2019 Calling for synergy to transform the region into the new value chain hub of Asia

Thailand's Prime Minister General Prayut Chan-o-cha today officially opened the CLMVT Forum 2019 on 24 June, 2019 at the Renaissance Bangkok Rachaprasong Hotel, and delivered a keynote speech highlighting the forum's theme of "CLMVT as the New Value...

Photo Release: EXIM Thailand Finances Asia Green Energys Investment in Lighter Fleet to Promote Thai Maritime Potential

Mrs. Warangkana Wonkhaluang, Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Panom Kuansataporn, Chief Executive Officer of Asia Green Energy Plc., recently signed a loan agreement whereby EXIM Thailand provided...

Related Topics