It has also affirmed the ratings on ANAN’s existing unsecured subordinated perpetual debentures (hybrid debentures) at “BB+”. At the same time, TRIS Rating assigns the rating to ANAN’s proposed issue of up to Bt2,000 million in hybrid debentures at “BB+”.

The rating on ANAN’s hybrid debentures is two notches below the company rating. This rating differential reflects the subordinated nature of the hybrid debentures and the option of the issuer to defer coupons on a cumulative basis.