Fitch cuts Gulf Cogeneration

Fitch Ratings said it downgraded Gulf Cogeneration Co. Ltd.'s guaranteed debentures to national long-term AA+(tha) from AAA(tha). These include the three-year tranche of 1.74 billion in Thai baht, five-year tranche of 1.16 billion in Thai baht and 10-year tranche of 2.9 billion in Thai baht, maturing in April 2009, April 2011 and April 2016, respectively.

The outlook remains stable.

The action follows the downgrade on Hypo Real Estate Holding AG's long-term foreign-currency issuer default rating to A- from A and its subsidiary Depfa Bank plc's long-term foreign-currency issuer default rating to A- from AA-.

The ratings are based entirely on the guarantee of payments by Depfa, Fitch said. The current long-term foreign-currency issuer default rating of Depfa of A- is one notch below Thailand's international long-term local-currency issuer default rating of A. This, in turn, results in the national rating of the guaranteed debentures being one notch below Thailand's sovereign national long-term rating of AAA(tha), the agency said.

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