Fitch said the bonds will have a maturity of three years. The proceeds from the issue will be used for working capital and debt refinancing.
The bonds are rated at the same level as EB itself, since they represent the unsubordinated and unsecured obligations of the company.
EB’s national ratings reflect Fitch’s view that the company would benefit from extraordinary support, if required, from its parent, Japan-based Acom (A-/stable).
Fitch deems EB to be a strategically important subsidiary of the parent, given Acom’s significant 71-per-cent ownership, full management control and continuous support, such as debt guarantees, direct lending and transfer of technical knowledge.
Published : March 09, 2018
By : The Nation