TRIS Rating Expects the Revocation of Building Permit for "A

TRIS Rating views that the ruling of the Central Administrative Court to revoke the building permit of the Ashton Asoke project will not have an immediate impact on the credit ratings assigned to Ananda Development PLC (ANAN). TRIS Rating assigned the ratings to ANAN and its senior unsecured debentures at ?BBB-? with a ?stable? outlook, and to its subordinated capital debentures (hybrid debentures) at ?BB?. The remaining unsold units of the Ashton Asoke project was worth only THB0.8 billion at the time of the ruling, out of the total project value of THB6.5 billion. ANAN holds 51% equity in this project while SEA Investment 5 Pte. Ltd. (a subsidiary of Mitsui Fudosan Co., Ltd.) holds the rest. The expected share of profit contribution to ANAN from the remaining unsold units is estimated to be around THB60 million. There is no loan outstanding extended to this project.

Related Keywords

Bangkok , Krung Thep Mahanakhon , Thailand , Ashton Asoke , Mass Rapid Transit Authority Of Thailand , Rating Co Ltd , Mitsui Fudosan Co Ltd , Supreme Administrative Court , Ananda Development , Central Administrative Court , Mass Rapid Transit Authority , Supreme Administrative , Silom Complex Building , பாங்காக் , தாய்லாந்து , ஆஷ்டன் அசோகே , நிறை விரைவான போக்குவரத்து அதிகாரம் ஆஃப் தாய்லாந்து , ரேடிஂக் இணை லிமிடெட் , ஆனந்தா வளர்ச்சி , நிறை விரைவான போக்குவரத்து அதிகாரம் , சிலோம் சிக்கலான கட்டிடம் ,