Bangkok--17 Dec--Thai Airways
Today, 17 December 2010, Thai Airways International Public Company Limited (THAI) announced it has moved up in the credit rating on its debentures from “A” to “A+” and received a TRIS Rating of “A+” on THAI’s 8 billion baht senior debentures.
Mr. Piyasvasti Amranand, THAI President, said that TRIS Rating (Thai Rating and Information Services), an independent credit rating agency, has upgraded THAI’s credit rating and the rating of THAI’s senior debentures from “A” to “A+”, and posted a “Stable” Rating Outlook. At the same time, TRIS Rating assigned the rating of “A+” to THAI’s proposed issue of up to 8 billion baht in senior debentures. The upgrades reflect an improving financial profile after a successful new share offering in September 2010, coupled with a recovery of THAI’s operating performance following the global economic recovery, and the benefits from cost-cutting schemes. The ratings also reflect THAI’s leading position in international air routes in and out of Thailand.
THAI is one of the largest airlines in Asia. At the end of March 2010, THAI’s international network comprised 59 international destinations with 535 flights per week. Capacity, measured as available seat kilometers (ASK), in the first nine months of 2010 increased by 5.7% year-on-year (y-o-y). The capacity expansion was in response to the revival of air traffic demand as a result of the global economic recovery. THAI has a strong market position in international routes. At the end of 2009, THAI had a market share of around 36.6% of international passenger traffic through the international airports in Thailand.