Moody’s downgrades Giti Tire ratings; outlook stable Approximately USD200 million of debt securities affected
Moody’s Investors Service has today downgraded GITI Tire Ltd’s (”GITI”) corporate family rating to B3 from B2 and senior unsecured bond rating to Caa1 from B3. The ratings outlook is stable. This concludes the rating review initiated on September 15, 2009.
“The rating action was driven by Moody’s concern that GITI’s high financial leverage, which is weak for its previous rating, is unlikely to improve by any material extent amid the challenging global automotive market,” says Wonnie Chu, a Moody’s Analyst.
“While the company’s operating performance in recent months is on an improving trend, it remains uncertain whether it can be sustained as most of the margin expansion was driven by lower raw material prices which have since risen again,” says Chu, also Moody’s Lead Analyst for the company.
In addition, demand from GITI’s export markets remains weak and recent tariffs imposed by the US government on Passenger Car Radial (”PCR”) imports could further pressure GITI’s profitability. (more…)
AsiaNet Daily Summary - Press Releases for Wednesday, September 30, 2009
ASTADIA FLEXES… ADDISON: Astadia, a global leader in technology-enabled business consulting and top Salesforce.com partner, Wednesday unveiled a comprehensive new Cloud computing online resource www.astadia.com. WOMBATS SLAUGHTERED… SYDNEY: Hundreds of wombats are being slaughtered with the South Australian government issuing unregulated destruction permits. (more…)
ANOTHER MONTH TO BOOK THE RICHEST MEETING OFFER EVER FROM STARWOOD HOTELS & RESORTS: ‘FREE MEETINGS + FREE NIGHTS’ MEETING PACKAGE
Meeting planners will continue to save up to 50% when they meet in any of the over 100 participating Starwood Hotels in Asia Pacific Starwood Hotels & Resorts today announced the extension of its richest meeting offer ever:
‘Free Meetings + Free Nights’ meeting package booking period has been extended for another month. (more…)
AlphaPet Starts production
Indorama Polymers PCL, Thailand (IRP) and it US subsidiary AlphaPet Inc. is pleased to announce the startup of its first train of the 432 KMT PET manufacturing facility in Decatur, Alabama on September 22nd, 2009. The plant is currently producing prime quality PET resin since the 25th of September.
“Investment in AlphaPet reiterates our strong commitment to the growth of PET packaging for beverages and our confidence in the North America market. (more…)
Photo Release: Bangkok Bank supports PTT Polymer Marketing to expand within Asia, by launching International Supply Chain Financing
Bangkok Bank President Mr. Chartsiri Sophonpanich (middle) Senior Executive Vice President Mr. Chansak Fuangfu (2nd from right) and Executive Vice President Mr. Khanit See (right) with PTT Polymer Marketing (PTTPM) Director Mr. Pramin Phantawesak (2nd from left) and Senior Manager Mr. (more…)
Superior Efficacy-dose Ratio for Lantus(R) Over detemir
- 76% Higher Dose of Insulin detemir Needed to Achieve Similar,Well Tolerated Glycemic Control Versus Lantus(R) -
Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) announced today results of a head-to-head study providing further evidence on the efficacy of once-daily, 24-hour basal insulin Lantus(R) (insulin glargine [rDNA]
injection) compared to twice-daily insulin detemir. (more…)
Perfect World Launches ‘Hot Dance Party’ Expansion Pack ‘Party Time’
Beijing Perfect World Network Technology Co., Ltd. (”PW Network” or “the Company”), one of the leading integrated online game developers and service providers in China, announces that it launched a new expansion pack “Party Time” for its 3D online casual game “Hot Dance Party” on September 24.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090416/CNTH023LOGO )
As the Company’s first 3D online casual game launched in 2008, “Hot Dance Party” has been well received because of its rich and innovative content and play mode. (more…)
KTC cooperates with CPN to offer the first privilege for KTC members to redeem KTC Forever Rewards Points for cash at more than 30 partner outlets in Central Plaza, all branches nationwide and Central Festival Pattaya Beach.
KTC launched offensive campaign with CPN, a major operator of shopping centers with more than 30 leading partners to offer the 1st privilege to KTC credit card members only, by focusing on the easy and cost-effective use of KTC Forever Rewards points. (more…)
Credit Quality Deterioration Slows For Asia, Europe, And The U.S., But Risks Remain, Article Says
Signs of economic recovery are emerging around the globe after a sharp contraction in late 2008 and early 2009, said an article published Monday, September 28 by Standard & Poor’s, titled “Slow Stabilization For Asian, European, And U.S. Corporate Credit Quality (Premium).”
The deep global recession has taken its toll on credit quality–the number of downgrades has increased dramatically across all regions over the past 12 months.
“Although the pace of downgrades likely peaked in the first half of 2009, risks remain,” said Diane Vazza, head of Standard & Poor’s Global Fixed Income Research Group. (more…)
Birthday Beauty at Boots Now until November 1st, 2009
To celebrate the Boots’ 12th Birthday Anniversary, Boots Retail (Thailand) Limited, our trust health and beauty offers ‘Buy One Get One Free!’ promotion, great saving for over 1,000 beauty and health items from now until November 1, 2009 at Boots stores nationwide. (more…)