TRIS affirms ‘A-’ ratings on WHA and its debentures
TRIS Rating on Monday affirmed the company rating on WHA Corporation and the ratings on its outstanding senior unsecured debentures at “A-”.
At the same time, TRIS assigned the same rating to the listed company’s proposed issuance of up to Bt3.5 billion in senior unsecured debentures.
The proceeds from the new debentures will be used to refinance outstanding debt, for planned capital expenditures, and for working capital.
The ratings reflect WHA’s strong competitive position in the built-to-suit warehouse and the industrial-estate segments in Thailand, the ratings firm said.
WHA has a sizable base of recurring income from a number of sources, such as rental properties, utilities services, and investments in power projects.
The ratings also incorporate the financial flexibility from selling assets to real-estate investment trusts.
However, the business profile is weighed down by the volatile nature of the industrial property market, TRIS added.