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Announcement:

Moody's affirms B2, negative outlook on True Corp and True Move

Global Credit Research - 31 Jan 2011

Approximately USD690 million of debt securities affected

Singapore, January 31, 2011 -- Moody's Investors Service has affirmed the B2 corporate family ratings on True Corporation Public Company Limited and its 98.9%-owned subsidiary, True Move Company Limited. It has also affirmed the B2 senior unsecured bond ratings of True Move.

The ratings outlook remains negative.

"Although True Corp's consolidated financial profile has improved moderately since 2008, a number of factors -- True Move's weak liquidity, the ongoing need for covenant waivers, as well as further equity injection requirements -- underpin the negative outlook for both companies," says Simon Wong, a Moody's Vice President.

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

"True Corp's acquisition of Hutchison's mobile business in Thailand provides True Group with an alternative mobile business platform when True Move's 2G mobile concession expires in 2013," adds Wong, who is also Moody's lead analyst for the True Group.

However, Moody's is concerned about execution risks in relation to the HSPA 3G upgrade and the migration of subscribers from the CDMA network to the new HSPA platform. Furthermore, 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 2013.

On January 27 2011, CAT entered into several contracts with the subsidiaries of True Corp. The key contracts were: (1) appointing Real Future to install 3G HSPA equipment on CATs CDMA nationwide networks, and (2) appointing Real Move as a "reseller" of mobile services on CAT's network for 15 years until 2026.

True Move's medium-term refinancing risk is heightened by USD465 million and USD225 million in bonds maturing in December 2013 and August 2014 respectively. Such risk has moderated as Real Move, which has a longer term of licence, is now a subsidiary guarantor under the existing Bond Indentures.

True Corp will need to spend an additional THB5 to 6 billion in capex to install 3G HSPA equipment, which will likely dampen its free cash flow. Moreover, the acquisition cost, which includes debt refinancing of up to THB6.3 billion, will likely hinder True Corp's ability to de-leverage in 2011.

At the same time, the B2 rating is supported by True Corp's triple play business model in broadband, pay-TV and mobile, as well as its moderate leverage at its current rating level.

The negative outlook reflects True Move's poor liquidity and ongoing need to seek covenant waivers from its bankers, as well as the regulatory uncertainty.

Moody's is also concerned that True Corp may need to inject additional funds into True Move under the Sponsor Support Agreement, which will reduce available funds for investment in the broadband business or for debt payments.

Given the negative outlook, the ratings are unlikely to be upgraded in the near term.

However, the outlook could revert to stable should (1) True Corp's shareholders inject sufficient funds into True Move to recapitalize it and ease ongoing liquidity pressures or if True Move resolves with its bank creditors to remove the overhang on the rating; (2) the HSPA rollout be successfully completed; and (3) the supplemental indenture be executed by Real Move's acquired subsidiaries.

Moody's also seeks some degree of clarity with regard to prospective financing arrangements for 3G auctions and the subsequent rollout.

True Move's ratings could experience downward pressure if (1) the company fails to negotiate anticipated covenant waivers (2) the turnaround in the fundamental performance of the business proves unsustainable (3) negative regulatory developments affect True Move's mobile concession or its ability to refinance maturing obligations.

Moody's last rating actions with respect to True Corp and True Move were taken on November 21, 2008 when the ratings of both were downgraded from B1 to 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 (64.72%).

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 91.8%-owned True Visions 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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Hong Kong
Gary Lau
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
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Moody's affirms B2, negative outlook on True Corp and True Move
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