Fitch affirms Tri Petch Isuzu

Fitch Ratings said it affirmed Tri Petch Isuzu Sales Co. Ltd.'s national long-term rating on its 2.0 billion in Thai baht guaranteed debentures due in 2009 at AAA(tha).

The outlook remains stable.

The rating is based entirely on the full guarantee provided by its parent, Mitsubishi Corp., which is rated A+ with stable view.

As Mitsubishi's rating is currently above Thailand's international long-term local-currency issuer default rating of A, the guaranteed debentures are capped at the sovereign national rating of AAA(tha), Fitch said.

The ratings reflect its leading position as the largest Japanese general trading companies in terms of sales, net profit and total assets, the agency said, along with its sound equity base.

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