TRIS affirms Mitr Phol Sugar’s ratings at ‘A+’, assigns similar rating to planned debentures
TRIS Rating on Monday affirmed Mitr Phol Sugar Corp’s company rating, as well as the ratings of its outstanding senior unsecured debentures, at “A+”.
At the same time, TRIS assigned the rating of “A+” to MPSC’s proposed issue of up to Bt10.1 billion in senior unsecured debentures.
The proceeds from the new debentures will be used for repaying its existing debt, and for planned capital expenditure.
The ratings reflect MPSC’s market position as one of the world’s leading sugar producers, well-accepted brand name, efficient sugar-mill operations, geographic diversification, and diversified sources of income, the ratings firm said.
The ratings are partially offset by the cyclical and the volatile nature of the prices of sugar and sugar cane, as well as the ongoing restructuring of the sugar industry in Thailand, it added.
