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IN Brief: TTA rating upgraded

Back Jan 24, 2008

SHIPPING: Fitch Ratings has upgraded the national long-term senior unsecured rating of Thoresen Thai Agencies Plc (TTA) to A-(tha) from BBB+(tha). The outlook on the rating is stable.

The rating upgrade is supported by a significant improvement in the recovery prospects of TTA's unsecured creditors following the issuance of its $170 million in unsecured convertible debentures to refinance its secured vessel loans.

TTA shares closed yesterday on the SET at 35.50 baht, up 50 satang, in trade worth 753.6 million baht.

 

Source: Bangkok Post
Thursday January 24, 2008