Fitch downgrades Ek-Chai

Fitch Ratings said it downgraded the national long-term rating on Ek-Chai Distribution System Co. Ltd.’s guaranteed debentures due 2015 to AA(tha) from AA+(tha).

The outlook is stable.

The downgrades follow a similar downgrade of Tesco plc’s long-term issuer default rating to BBB from BBB+.

The rating on Ek-Chai’s guaranteed debentures is based on the full and irrevocable guarantee provided by Tesco, a majority shareholder of Ek-Chai, Fitch said.

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