The outlook on the National Long-Term Rating is Stable.

At the same time, Fitch has assigned the company’s new senior unsecured debentures of up to Bt10 billion due 2022 a National Long-Term Rating of ‘A+(tha)’. Proceeds from the issue will be used to refinance existing debt. The notes are rated at the same level as SCC’s National Long-Term Rating as they constitute the direct, unsecured, unconditional and unsubordinated obligations of the company. A full list of rating actions is at the end of this commentary.