TRIS Affirms GULF’s “A+” Credit Rating and Upgrades the Outlook from “Stable” to “Positive”

Gulf Energy Development Public Company Limited (GULF) has been assigned an “A+” corporate credit rating and an “A” rating on its senior unsecured debentures, with its outlook upgraded from “Stable” to “Positive” by TRIS Rating Co., Ltd. (TRIS). The upgrade reflects a positive view of the amalgamation with Intouch Holdings Public Company Limited (INTUCH). TRIS also commented that following the amalgamation, the new company (NewCo) will have a stronger financial position, including highly predictable cash flows and well-diversified investments.

Ms. Yupapin Wangviwat, Deputy Chief Executive Officer and Chief Financial Officer, GULF, stated, “The ‘A+’ corporate credit rating and upgraded ‘Positive’ outlook from TRIS reflect the company’s strong financial standing, stable cash flow, low-risk business model, diversified business portfolio, and effective financial management. The upgrade from a ‘Stable’ to ‘Positive’ outlook demonstrates TRIS’ confidence in the company’s growth potential following the amalgamation with INTUCH, particularly NewCo’s strengthened financial position with a lower debt-to-equity ratio (D/E ratio). This development not only paves the way for potential credit rating upgrades but also opens opportunities for expanded investments, enabling the company to access competitive financing options to support long-term growth. GULF also plans to issue additional bonds worth approximately THB 25,000-30,000 million in early 2025.”

Recently, GULF has also received an “AAA” rating in the SET ESG Ratings 2024 under the “Resources” category by the Stock Exchange of Thailand. This marks GULF’s sixth consecutive year of inclusion in the list of sustainable stocks, underscoring GULF’s commitment to sustainable business practices. This commitment is built on strong corporate governance, comprehensive risk management, and the integration of environmental, social, and governance (ESG) principles into business operations, aimed at fostering trust with investors and stakeholders.