TRIS affirms Banpu bonds A-rating

Thai Rating and Information Services (TRIS) said on Wednesday it had affirmed A-ratings on Thai coal miner Banpu Plc and its two tranches of senior debentures.

Banpu has 2.5 billion baht ($58.80 million) of bonds due 2006 and 500 million baht of bonds due 2008.

TRIS said in a statement the ratings reflected a considerable increase in Banpu's coal reserves and its diversification into the power business.

But the agency said these strengths were partially offset by Banpu's substantial investment in risky Indonesia as well as by intensifying competition in the regional coal market.

Banpu shares ended up 1.35 percent at 37.50 baht on Tuesday.

Banpu?s Centralink has 65 percent stake in PT Indominco Mandiri with production capacity of 3.5 million tons of coal per annum, 100 percent stake at PT Kitadin with production capacity of 1.5 million tons, 65 percent stake in PT Trubaindo, which is at advanced exploration stage. The three coalmines are located in East Kalimantan. The company also has 86 percent stake in PT Barasentosa Lestari, a coalmine at pre-operating stage in South Sumatra. (Robert)