NEW YORK-Moody’s Investors Service announced Dec. 22 it had lowered the speculative grade ratings to Ba2 from Ba1 on about $400 million in outstanding debt issued by Total Access Communication Public Co. Ltd., a wireless carrier headquartered in Bangkok, Thailand.
Moody’s took the action in conjunction with its recent downgrade to Ba1 from Ba3 of Thailand’s long-term currency country ceiling for bonds and notes.
The ratings that credit watch companies like Moody’s accord to companies within a country are constrained by that nation’s debt ratings.
“(Moody’s) continues to place (TAC’s) rating under review for possible (further) downgrade … (and) will continue to assess how the economic and currency market developments in Thailand may affect TAC’s credit risk,” said Alfred J. Pastore, managing director, and Dennis R. Saputo, senior vice president, of Moody’s Telecommunications and Media group.
TAC provides nationwide analog cellular service under the trade name of WorldPhone 800 and Personal Communications Network digital cellular service under the WorldPhone 1800 brand name.
TAC also is a paging and trunked mobile radio service carrier, and it operates a franchise of WorldPhone Shops that retail wireless handsets and other telecommunications equipment.
