Contacts E-mail Addresses Monthip Pringuthumporn
[email protected] N e w s f o r I n v e s t o r s Yingyong Chiaravutthi,CFA
[email protected] Nopalak Rakthum
[email protected] Announcement No. 639 17 July 2009 Suchada Pantu
[email protected] Bangkok Mass Transit System Public Company Limited Company Rating: A Issue Rating: Up to Bt12,000 million senior debentures due within 2016 A Rating Outlook: Stable Rating Rationale TRIS Rating assigns the company rating of Bangkok Mass Transit System PLC (BTSC) and the rating of BTSC’s issue of up to Bt12,000 million in senior debentures at “A”. The proceeds from the debentures will be used to repay existing debts. The ratings are based on the assumption that the company will not exercise the call option on the convertible debentures before the issuance of the new debentures. The ratings reflect a proven record of system ridership, stable operating cash flow, the benefits from being a mass transit system located in downtown Bangkok, potential ridership growth, and a strong balance sheet after the business rehabilitation. These strengths are partially offset by a single network, large capital expenditures needed over the next four years, increased business risk profile as BTSC begins to invest in property development through its subsidiaries, and political risk which most concessionaires face. In addition, debenture holders should be aware that there is no negative pledge under the terms and conditions governing the rights and obligations of the company and the debenture holders. Though all of BTSC’s assets are currently free of encumbrances, the company may provide collateral to any creditor in the future.