TRIS hands ‘A’ company rating to Ticon Industrial Connection
TRIS Rating has affirmed the company rating of Ticon Industrial Connection PLC and the ratings of Ticon’s outstanding senior unsecured debentures at “A”.
At the same time, TRIS Rating has assigned a rating of “A” to Ticon’s proposed issue of up to Bt6,000 million in senior unsecured debentures. The proceeds from the new debentures will be used to repay existing debentures and used for working capital needs.
The ratings reflect the company’s strengthened balance sheet following a sizeable capital increase through a private placement.
The ratings continue to reflect the company’s record in developing ready-built factories (RBFs) and warehouses for rent, plus the recurring cash flows it receives from rental contracts and its geographically diverse assets. The ratings also take into consideration the slow recovery in investment, which may reduce demand for industrial properties.
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