Fitch Rates Easy Buy#s THB Senior Unsecured Bonds at #AA+(tha)#

Stocks and Financial Services Press Releases Friday March 9, 2018 10:07
Bangkok--9 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 of up to THB1 billion.
The bonds will have a maturity of three years. The proceeds from the issue will be used for working capital and debt refinancing.
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 National Ratings reflect Fitch's view that the company would benefit from extraordinary support, if required, from its parent, Japan-based ACOM CO., LTD. (A-/Stable). Fitch deems EB to be a strategically important subsidiary of the parent, given ACOM's significant 71% ownership, full management control, as well as historical and ongoing evidence of support, such as debt guarantees, direct lending and transfer of technical knowledge.

Any change in EB's National Long-Term Rating would have a similar effect on the bonds' rating.

The National Ratings of EB may be affected by changes in ACOM's ratings. EB's ratings may also be revised as a result of material changes in ACOM's propensity to provide extraordinary support to the subsidiary. This may occur if ACOM significantly reduces its ownership or financial commitments, indicating a materially lower propensity to provide support, potentially leading to negative rating actions. However, Fitch sees no likelihood in the near term of ACOM lowering its propensity to extend support.

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