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Investors wait and see

Fri, 14 Oct 2011 03:32:36 +0000

Japanese investors have taken a wait-and-see attitude towards the government after the severe flooding has put their factories in Ayutthaya under water.

Speaking after a meeting with JETRO President Setsuo Iuchi, Permanent Secretary for Industry Witoon Simachokedee revealed that Japanese investors would remain confident in the government if it could end the flood crisis in a short time.

Witoon added an abrupt solution to the crisis and immediate warnings and updates are what Japanese investors need most. Repair of public infrastructure and financial assistance are most wanted after the floods.

Investors understand Thai political situation

Wed, 17 Mar 2010 16:03:06 +0000

BANGKOK, 17 March 2010 (NNT) – Investors understand the political situation in Thailand, says the Board of Investment (BoI).

BoI Secretary General Atchaka Sibunruang stated that there were some investors asking about the situation, but most seemed unconcerned. She is confident that if there is no violence, there will be no impact on the overall investment situation as well as the applications for investment promotion which are expected to grow by 500 billion THB.

The secretary general added that the BoI will proceed to organize roadshows in 2010 featuring over 150 activities according to the original plan despite the political movements.

PM Abhisit meets US investors; says Thai economy passes lowest point

Tue, 22 Sep 2009 08:24:44 +0000

NEW YORK, Sept 22 (TNA) – Prime Minister Abhisit Vejjajiva met US investors during his one-week trip to the US, saying the Thai economy has been through the lowest point and is recovering in the long term plan.

Arriving in New York for the 64th Session of the UN General Assembly and the G20 Summit in Pittsburgh September 21 to 27, the prime minister begun his mission, meeting representatives of the US stock exchanges and investors and fund managers.

Mr Abhisit told them that the Thai economy has already hit the lowest point and that it would recover in the long term, driven by the government’s stimulus packages.

He assured his listeners that the government is ready to work with the private sector and raised interest in their investing in Thailand, now ranked 12th in terms of ease of doing business among 183 countries by the World Bank.

Thai economy has faced two challenges, the premier said: the global financial crisis and domestic political turmoil. His administration is on the right track both in building national reconciliation and boosting economic revival.

Mr Abhisit said earlier that his agenda for the visit consisted of three main missions–attending the 64th Session of the General Assembly, attending the G-20 Summit in Pittsburgh, and building confidence in Thailand through meeting major US investors in the stock exchange, business leaders, importers, members of the US-Thailand Business Council, and the American media.

The prime minister will join the G-20 summit in his capacity as chairman of the Association of Southeast Asian Nations (ASEAN), which as a powerful economic force plays a larger role in the world economy than the individual member economies. (TNA)

Small investors leave province; buses stop running :Yala

Sun, 14 Jun 2009 17:58:17 +0000

YALA, June 14 (TNA) – Small investors in the troubled southern province of Yala have already exited the province because of frequent attacks carried out by insurgents while buses in the provincial seat have stopped services for an indefinite period after Saturday’s incident in which a passenger was killed and 14 others wounded.

A Senate committee responsible for resolving issues and carrying out development of the southern border provinces Sunday met with private business operators in Yala and were briefed on the current situation in the province.

Nivet Sirichai, who heads the Yala Tourism Club, told the meeting that the current economic situation in the province is very bad due to the high risks resulting from daily violence. Most small investors have already left the province, leaving the major ones to continue doing businesses.

In another development, Yala’s passenger pickup trucks – songtaos — on Sunday opted to suspend services to a village where a bomb was thrown into a bus on Saturday, killing one passenger and wounding 14.

Police said the bomb was thrown into the bus by an unidentified passenger on a motorcycle. Witnesses said the duo fled to a nearby Muslim religious school after the incident.

As of Sunday, five bomb victims, including a 12-year-old girl, continue receiving treatment at a hospital in the province. (TNA)

Moody’s updates profiles of Japanese CMBS loans

Tue, 26 May 2009 03:18:55 +0000

Tokyo, May 26, 2009 -- Moody's Investors Service has released a report
entitled,"Profile of Japan CMBS Loans: Updated as of End-March 2009."

This report updates "Profile of Japan CMBS loans maturing in 2009 and
thereafter (As of End-September 2008)."

The updated review compares the profiles of loans -- as of end-September
2008 and as of end-March 2009 -- that will mature in calendar 2009 and
afterwards, and that back Moody's-rated CMBS (JPY 3.7 trillion end-March
2009).

It also reviews the profiles of loans paid between end-September 2008 and
end-March 2009, and delinquent loans as of end-March 2009.

"As of end-September 2008, about JPY 700 billion in loans were scheduled
to mature in 2009, and by end-March 2009, this amount had declined to
about JPY 490 billion," says Mitsuru Sukigara, a Moody's VP and Senior
Analyst.

"This was primarily the result of scheduled payments of loans; the
extension from 2008 to 2009 of loan maturities; and defaults of loans
that should have matured in 2009. Additionally, the highest level of
loans -- amounting to JPY 1.18 trillion -- will mature in 2010," says
Sukigara.

"Our review of paid and delinquent loans highlighted a number of
characteristics, including leverage, year of origination, property type,
and location. We found that delinquent loans had higher leverage ratios
and had been originated more recently. In addition, fewer of their
collateral properties were in Tokyo," says Sukigara.

For more information, please refer to the report, which can be accessed
at www.moodys.com

Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor is it
acting on behalf of the offering party. This release is not a
solicitation or a recommendation to buy, hold, or sell securities.

Moody’s affirms CCT’s Baa2 ratings; outlook negative

Tue, 26 May 2009 03:16:19 +0000

Singapore, May 26, 2009 -- Moody's Investors Service has today affirmed
CapitaCommerical Trust's (CCT) Baa2 corporate family and Baa3 senior
unsecured debt ratings. The outlook on the ratings is negative.

This follows CCT's announcement that it is to launch a fully-underwritten
1-for-1 rights issue to raise approximately SGD828.4 million, and which
is scheduled to be completed in early July 2009. The proceeds are
expected to go towards debt retirement.

"The equity raising, if completed, is expected to materially improve
CCT's credit metrics to the extent that its Debt/EBITDA leverage ratio
falls to 7x - 8x (from 10x - 11x) and its EBITDA/Interest coverage
increases to 2.6x -- 2.9x range (from 2.0x to 2.2x). These metrics are
appropriate for the Baa2 corporate family rating," says Kathleen Lee, a
Moody's VP/Senior Analyst. 

"In addition, the equity raising will also enhance CCT's financial
flexibility, as the proceeds will address most of its 2010 refinancing
requirements. Meanwhile, the tight headroom of its Loan--to-Value and
EBITDA/Interest financial covenants in its banking facilities will also
be vastly improved," adds Lee, also Moody's lead analyst for the trust.

As a result of these enhancements, Moody's expects to revise the ratings
outlook to stable upon completion of the capital raising. Moody's remains
cautious of the weakness in CCT's operating environment, given the
deepening of the recession in Singapore and strong upcoming new office
completions from 2009 onwards. However, the stable outlook is underpinned
by the fact that the equity offerings would provide CCT with a cushion
against a potential asset devaluation of up to 35% (after a 10%
devaluation in 2Q09) before pressure on the ratings emerges.

The upward rating pressure is unlikely to occur over the next 12 to 18
months given the challenging operating environment.

Downward rating pressure would develop should the REIT's operating
performance disappoint, with EBITDA/Interest coverage staying below 2.5x
and Debt to EBITDA rising above 8x on a consistent basis.

The previous rating action with regard to CCT was taken on 3 March 2009
when the trust's corporate family rating was downgraded to Baa2 with a
negative outlook.

The principal methodology used in rating CCT was the Rating Methodology
for REITs and Other Commercial Property Firms, which can be found at
www.moodys.com in the Credit Policy & Methodologies directory, in the
Ratings Methodologies subdirectory.

Other methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit Policy &
Methodologies directory.

CapitaCommerical Trust is a Singapore-based REIT which invests in
commercial properties. As of 11 July, 2008, CCT owned a portfolio of
high-quality properties, mainly in Singapore's CBD, with a valuation of
approximately S$6.7 billion.