Fitch: Easy Buy bonds AA+(tha)

Fitch Ratings said it assigned a national long-term rating of AA+(tha) to Easy Buy PCL's senior unsecured bonds.

The bonds will have maturities of seven years and the total issue size will be up to 600 million in Thai baht with a greenshoe option of an additional 400 million in Thai baht.

The proceeds from the issue will be used for working capital and refinancing, Fitch said.

The bonds are rated at the same level as Easy Buy's national long-term rating of AA+(tha), the agency said.

Easy Buy's national ratings reflect an expectation of a high probability of institutional support from its Japanese parent, ACOM Co., Ltd., Fitch said.

The agency said it believes Easy Buy is a strategically important subsidiary of ACOM, as reflected in ACOM's 71% ownership and full management control of the subsidiary, the agency said.

There also is clear evidence of ongoing financial and operational support, such as debt guarantees, direct lending and transfer of technical knowledge, Fitch said.

Easy Buy also has a national short-term rating of F1+(tha) and national long-term rating of AA+(tha) on its outstanding senior unsecured bonds.

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