Bangkok--18 Jan--TUF
TRIS has affirmed TUF’s A+ company and issue ratings with stable outlook, attributable to the firm’s strong business position and enhanced competitiveness in the global seafood market after the acquisition of MW Brands.
Thai Union Frozen Products PLC (TUF) president Thiraphong Chansiri said, “We are truly proud of the fact that TRIS Rating Co., Ltd. has reaffirmed its confidence in TUF’s business strength. TRIS earlier issued a “DEVELOPING” CreditAlert to the company and its debt issues upon the announcement of our plan to acquire Europe-based MW Brands in July 2010.”
The change of the company’s credit status from “developing” to “stable” will no doubt send a positive signal to investors as well as assuring us the confidence that TRIS and existing debt investors have placed in TUF. TRIS affirmed the rating after TUF has provided all supporting information on its business strategies and risk management measures with regards to the acquisition. This encouraging outcome did give us a psychological boost for any future fund raising for business expansion through the local Thai baht bond market.
Khun Thiraphong concluded, “The affirmed rating A+ (with stable outlook) to TUF by TRIS is a demonstration in the agency’s trust in the ability of the firm’s management and conservative business strategies that deliver sustainable growth and generate good returns to investors and shareholders.”
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