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Announcement:

Moody's: No immediate impact on B2 ratings of True Corp and True Move after rights issue announcement

28 Mar 2011

Approximately USD690 million of debt securities affected

Singapore, March 28, 2011 -- Moody's Investors Service says there is no immediate impact on the B2 corporate family rating of True Corporation Public Company Limited and the B2 corporate family and senior unsecured bond ratings of True Move Company Limited after the rights issue by True Corp.

Any longer term credit impact will depend on the amount raised from the rights issue as well as how the proceeds are used. Positive implications could arise if True Corp successfully rolls out its 3G initiative, recapitalizes True Move and eases its ongoing liquidity pressures, and permanently resolves True Move's ongoing need for continuous covenant waivers.

Nevertheless, any positive implications could be negated by broader considerations including Thailand's uncertain regulatory environment.

The outlook on all ratings remains negative.

True Corp announced that it expected to raise up to THB13.1 billion through the rights issue to existing shareholders on a pro-rata basis. If successful, the proceeds will be used to fund True Corp's 3G capital expenditure and repay outstanding debt. True Corp has budgeted THB10 billion for the group's 2011 capital expenditure program.

Moody's notes that the rights issue has not been underwritten and the major shareholder has not indicated their intention to retain their shareholding portion.

The proposed rights issue of 6,727,436,752 new ordinary shares comprises the unsubscribed shares from the previous rights issue in February 2009.

The negative outlook reflects True Move's poor liquidity, its ongoing need to seek covenant waivers from its bankers, the need for further equity injections, as well as the regulatory uncertainty in Thailand.

True Move's credit profile is highly correlated with True Corp's, given their strong financial and operating links, and as such their ratings are equalized.

Moody's is also concerned about the execution risks in the HSPA 3G upgrade and the migration of subscribers from the CDMA network to the new HSPA platform.

Thailand's regulatory environment remains uncertain and there is no indication whether True Move could migrate its subscribers to the new network before its concession expires in September 2013.

Moody's last rating actions on True Corp and True Move were taken on January 31, 2011 when the ratings of both companies were affirmed at B2, with a negative outlook.

The principal methodology used in this rating was Moody's Global Telecommunications Industry, published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of fixed-line, broadband, internet, and mobile services, and pay TV. True Corp is listed on the Thai Stock Exchange; the Charoen Pokphand Group (CP Group) is the major shareholder (64.74%).

Its wireless business is conducted predominantly through its 98.9%-owned subsidiary, True Move, Thailand's third largest mobile telecommunications operator. Its pay TV business is conducted through 99.3%-owned True Visions Public Company Limited (and 99.0%-owned True Visions Cable Public Company Limited), which is currently the only nationwide provider of pay television services in the country.

Singapore
Simon Wong
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
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Singapore
Philipp L. Lotter
Senior Vice President
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
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SUBSCRIBERS: (65) 6398-8308

Moody's Investors Service Singapore Pte. Ltd.
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Moody's: No immediate impact on B2 ratings of True Corp and True Move after rights issue announcement
No Related Data.
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