OREANDA-NEWS. Fitch Ratings (Thailand) Limited says the 'BBB+(tha)' National Long-Term Rating on WHA Corporation Public Company Limited's (WHA, BBB+(tha)/Negative) new senior unsecured debentures of up to THB2bn is not affected by the change in the number of tranches. WHA will issue only one tranche of debentures due in 2018, instead of the previous plan for two tranches due in 2018 and 2020. The debentures were rated by Fitch on 28 July 2015 (refer to the rating action commentary titled "Fitch Assigns WHA's New Debentures 'BBB+(tha)' Rating").

WHA is a market leader in the development of premium built-to-suit warehouses for rent. WHA faces relatively limited competition due to its niche focus and its product being subject to less cyclical demand than the typical residential property market. The Negative Outlook since May 2015 reflects the uncertainty inherent in the company's de-leveraging plan following its leveraged-buyout of Hemaraj Land and Development Public Company Limited, in April 2015. Most of the sources of funds for the debt repayment will come from asset disposals, which are subject to market conditions.