Fitch ups Gulf Cogeneration to AAA(tha)

Fitch Ratings said it upgraded the national long-term ratings for the two tranches of amortizing and guaranteed debentures issued by Gulf Cogeneration Co. Ltd. to AAA(tha) from AA+(tha). This includes the five-year tranche of 1.16 billion in Thai baht and the 10-year tranche of 2.9 billion in Thai baht, maturing April 2011 and April 2016, respectively.

The outlook remains stable.

The upgrades follow the recalibrating of the mapping between the national and international rating scales and the broad review of all national ratings under the agency's coverage in order to maintain consistency between the two rating scales.

The ratings are based entirely on the irrevocable and unconditional guarantee of the principal and interest payment of the debentures by Depfa Bank plc, Fitch said.

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