August 8, 2014 / 4:22 AM / 3 years ago

Fitch Affirms Krungthep Land's Guaranteed Notes at 'AA+(tha)'

(The following statement was released by the rating agency) BANGKOK/SYDNEY/SINGAPORE, August 08 (Fitch) Fitch Ratings (Thailand) Limited has affirmed Krungthep Land Public Company Limited's (KLAND) guaranteed debentures as follows: THB250m debentures due 2014 affirmed at 'AA+(tha)'; Outlook Stable THB250m debentures due 2015 affirmed at 'AA+(tha)'; Outlook Stable Key Rating Drivers Guarantee from KTB: The ratings of the debentures are based solely on the irrevocable and unconditional guarantee of the principal and interest payment of the debentures by Krung Thai Bank Public Company Limited (KTB, AA+(tha)/ Stable). The guarantee also includes other expenses relating to the notes of up to THB50m. As a result, the debentures are rated at the same level as the guarantor, KTB. Founded in 1984, KLAND initially focused on developing medium- to high-end single detached house projects. The company has also diversified into the development of townhouses and expanded into condominiums by entering into a joint venture with Frasers (Thailand) Pte Ltd. (a 100%-owned unit of Frasers Centrepoint Limited (FCL), one of Singapore's largest residential developers) to develop its first condominium project. FCL became KLAND's major shareholder via Frasers (Thailand) Pte Ltd. in 2005 and currently holds 40% of KLAND's shares. Property Perfect Public Company Limited holds 20% of KLAND's shares while the remaining 40% is mainly owned by Thai entrepreneurs. Rating Sensitivities Positive: Future developments that may, individually or collectively, lead to positive rating action include: Positive rating action on KTB Negative: Future developments that may, individually or collectively, lead to negative rating action include: Negative rating action on KTB Contacts: Primary Analyst Nichaya Seamanontaprinya Associate Director +66 2108 0161 Fitch Ratings (Thailand) Limited Level 17, Park Ventures, 57 Wireless Road, Lumpini, Patumwan, Bangkok 10330 Secondary Analyst Somruedee Chaiworarat Director +66 2108 0160 Committee Chairperson Vicky Melbourne Senior Director +612 8256 0325 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tha)' for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Applicable criteria, 'Corporate Rating Methodology', dated 28 May 2014, and 'National Scale Ratings Criteria', dated 30 October 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage here National Scale Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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