GULF’s Credit Rating Upgraded to ‘AA-’ by TRIS, Reflecting Financial Strength Post-INTUCH

Gulf Development Public Company Limited (GULF) has received an upgraded corporate credit rating from ‘A+’ to ‘AA-’, and its senior unsecured debentures have been raised from ‘A’ to ‘AA-’, with a ‘Stable’ outlook by TRIS Rating Co., Ltd. (TRIS). This upgrade is attributed to the strengthened financial profile following the amalgamation with INTUCH, stable cash flows, well-diversified investment portfolio, and significant dividend income, notably from Advanced Info Service Public Company Limited (ADVANC). The amalgamation is expected to streamline business operations and foster synergies between energy and digital businesses.

Ms. Yupapin Wangviwat, Deputy Chief Executive Officer and Chief Financial Officer, GULF, stated, “The ‘AA-’ rating upgrade validates the success of our amalgamation. This strategic move has not only expanded our asset base, equity base, and EBITDA, but has also significantly improved our credit metrics and investment capacity. Furthermore, the reduced debt-to-equity ratio (D/E Ratio) will enable us to pursue strategic investments, driving continuous growth and delivering strong shareholder returns.”

The amalgamation positions GULF as a leading regional energy and infrastructure company, poised for expansion into diverse sectors. This strategic focus will underpin the company’s long-term sustainable growth. GULF’s integrated business structure, encompassing energy, infrastructure, digital, and investment portfolios, solidifies GULF’s vision to become a future-oriented, innovation-driven organization.