Pruksa debt assessed at A and stable

Tris Rating assigns an A rating to guaranteed debt worth up to 2.5 billion baht for Pruksa Holding Plc (PSH), with a stable outlook.

The debentures are unconditionally and irrevocably guaranteed by Pruksa Real Estate Plc (PS), PSH’s subsidiary.

The guaranteed debentures are ranked pari passu to PS’s senior unsecured debentures.

Proceeds from the new debentures are intended to be used to refinance debentures issued by PS (PS20NA) maturing in November 2020.

The ratings reflect PSH’s creditworthiness as the holding company of PS, in which PSH holds a 98.23% equity stake, and the significant dividend stream PSH receives from PS.

PS is considered a core subsidiary of PSH in accordance with Tris Rating’s group rating methodology.

The ratings for PSH take into consideration the strengths of PS as one of the largest players in the residential property market.

PS’s…