The bonds are rated at the same level as EB’s National Long-Term Rating as they represent the company’s unsubordinated and unsecured obligations.

EB’s ratings are driven by Fitch’s view that it is a strategically important subsidiary of Japan-based ACOM CO., LTD. (A-/Stable). ACOM owns 71 per cent of EB and there is a high level of management and operational integration between EB and its parent. Furthermore, EB has strong synergies with ACOM and plays a key role in the parent’s regional strategy.