Fitch affirms Tri Petch Isuzu debentures

Fitch Ratings said it affirmed the national long-term rating of AAA(tha) on Tri Petch Isuzu Sales Co. Ltd.'s 1 billion Thai baht guaranteed debentures due in 2008 and 2 billion Thai baht guaranteed debentures due in 2009, which are fully, irrevocably and unconditionally guaranteed by Mitsubishi Corp. (rated long-term foreign-currency issuer default rating A+ with stable outlook). The agency also affirmed the AAA(tha) rating on the company's 3.5 billion Thai baht amortizing and guaranteed debentures due in 2008, which are fully, irrevocably and unconditionally guaranteed by Mitsubishi and irrevocably and unconditionally principal guaranteed by Japan Bank for International Cooperation.

The outlook for all three debentures remains stable.

The ratings reflect its leading position in the general trading company sector, strong operating performance and considerable financial flexibility, Fitch said.

However, the agency said broad rating concerns center on its increasing earnings dependence on fast-growing energy and natural resource businesses.

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