Moody’s downgrades True Corp and True Move to B2; outlook negative Approximately $690.0 Million of Debt Securities Affected.
Moody’s Investors Service has today downgraded the B1 corporate family and senior unsecured bond ratings of True Corporation Public Company Limited (”True Corp”) and its 75.3%-owned subsidiary, True Move Company Limited (”True Move”), to B2. The outlook on all the ratings remains negative.
“This action follows the recent announcement of True Move’s Q3 2008 results which, in Moody’s view, raise concerns over the company’s ability to comply with its existing covenants at the next test date in December 2008, particularly with regard to the net debt/EBITDA covenant under its bank facilities,” says Laura Acres, a Moody’s Vice President.