TRIS Rating has assigned a rating of “BB” to the proposed issue of up to Bt500 million in unsecured subordinated perpetual debentures – a form of hybrid debentures – by Origin Property.
TRIS has also affirmed the listed company’s rating of “BBB-”, with its outlook remaining “stable”.
The rating of the property developer’s hybrid debentures is two notches below the company rating, which reflects the subordinated nature of the debentures and the option of the issuer to defer coupons on a cumulative basis, the rating company explained.
The “stable” outlook reflects the expectation that Origin Property will continue to grow as planned.
The operating margin is expected to stay above 15 per cent, while the debt-to-equity ratio should stay below 2 times, TRIS added.