TRIS gives Ananda’s unsecured debentures BBB rating
TRIS Rating has affirmed the company rating of Ananda Development Plc and the rating of Ananda’s existing senior unsecured debentures at BBB.
It also affirmed the ratings of Ananda’s unsecured subordinated perpetual debentures (hybrid debentures) at BB+.
At the same time, TRIS assigned a rating of BBB to Ananda’s proposed issue of up to Bt2 billion in senior unsecured debentures.
The proceeds from the new debentures will be used to refinance debentures maturing in October and for business operations, TRIS said.
It said the ratings of Ananda and its debentures continue to reflect the company’s strong market competitiveness in the condominium segment, its proven track record in the residential property market, its larger revenue base, and the expected higher contribution of shared profits from its investment in joint ventures.
