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

Stocks and Financial Services Press Releases Friday June 14, 2019 15:45
Bangkok--14 Jun--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.

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

EB's ratings are driven by Fitch's view that it is a strategically important subsidiary of Japan-based ACOM CO., LTD. (A-/Stable). ACOM owns 71% of EB and there is a high level of management and operational integration between EB and its parent. Furthermore, EB has strong synergies with ACOM and plays a key role in the parent's regional strategy.

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 increases its strategic positioning within the group. Conversely, the agency may take negative rating action if the parent significantly reduces its ownership or financial linkages with EB. However, Fitch does not expect such changes to occur in the medium term.


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