ASML 'BBB-' IDR unchanged on conversion of 380 mln eur convertible bond - Fitch |
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Wed, 17 Oct 2007 09:01
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MUMBAI (Thomson Financial) - Fitch Ratings said the conversion of around 88 pct of Netherlands-based ASML Holding NV's 380 mln eur subordinated convertible notes due 2010 has no impact on ASML's long term issuer default rating of 'BBB-' with a stable outlook.The ratings agency said the recent acceleration in conversions is believed to have been driven by ASML's capital distribution, whereby eligible shareholders have been paid 2.04 eur distribution.Recent conversions have reduced the par value of convertible notes now outstanding to around 44 mln eur, Fitch said.The ratings agency said that although the conversion, achieved through the issue of new ASML ordinary shares (replacing a third party liability that had a determined maturity, with long-term equity capital), improves the company's overall capital structure, the rating is currently underpinned by ASML's good underlying operating profile allied to what was an already conservatively structured balance sheet.Fitch also said it has withdrawn the 'BB+' rating on ASML's 380 mln eur convertible issue due 2010 reflecting the limited amount of this instrument now outstanding.TFN.newsdesk@thomson.comvsr/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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