Moody’s assigns Banpu securities Baa2

Moody’s Investors Service said it gave a Baa2 backed senior unsecured rating to the proposed perpetual securities to be issued by Banpu PCL. Baa1-rated Bangkok Bank PCL acting through its Singapore Branch with guarantee the securities.

“The Baa2 rating on the perpetual securities reflects (1) BBL’s A3(cr) counterparty risk assessment (CRA) and its (P)Baa1 foreign currency senior unsecured MTN rating because the bank will provide an irrevocable and unconditional guarantee for the securities; (2) the terms and conditions of the securities and guarantee, which include the guarantee ranking pari passu with BBL’s all other present and future unsecured and senior obligations; and (3) the potential for economic loss to investors due to non-compounding of deferred coupons for the first 12 months since deferral,” Moody’s said in a press release.

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