TRIS Rating has affirmed the company rating on Ngern Tid Lor Co Ltd (NTL) and the ratings on NTL’s outstanding senior unsecured debentures at “A-” with a “stable” outlook.
At the same time, TRIS Rating assigns a “A-” rating to NTL’s proposed issue of up to Bt4.9 billion in senior unsecured debentures and the additional greenshoe portion of up to Bt3 billion. The company will use the proceeds from the proposed issues to fund its operation and refinance its existing debts.
The ratings reflect the business and financial support NTL receives from its major shareholder, Bank of Ayudhya PLC (BAY). The ratings on NTL are enhanced from the stand-alone rating based on the company’s status as an important subsidiary of BAY.