TRIS affirms Bangkok Expressway and Metro ratings, assigns ‘A’ to planned debentures
TRIS Rating on Monday affirmed the company rating on Bangkok Expressway and Metro (BEM) and its senior unsecured debenture ratings at “A”.
At the same time, TRIS assigned a rating of “A” to the listed company’s proposed issuance of up to Bt5 billion in senior unsecured debentures.
The proceeds from the new debentures will be used to refinance debts coming due.
The ratings continue to reflect BEM’s strong business profile, supported by steady operating cash flow and the growth prospects in the mass-rapid-transit segment, TRIS said.
The ratings are however weighed down by rising leverage from potential sizable investments in BEM’s pipeline, the company added.
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