Bangkok--27 Jul--TRIS Rating TRIS Rating Co., Ltd. announces today that it has placed a “CreditAlert” with “negative” implication for the company rating of TPI Polene PLC (TPIPL). The action reflects the uncertainty regarding TPIPL’s debt refinancing. As of June 2007, TPIPL’s outstanding debt from financial institutions was Bt14,508.29 million, including Bt5,252.13 million of debts under the Debt Repurchase Program (DRP) and Bt9,256.16 million of debts under the Master Restructuring Agreement (MRA). TPIPL has deposited Bt3,092.18 million with the Central Bankruptcy Court for settlement of DRP. If the cash deposit at the Central Bankruptcy Court is deducted from the total amount of outstanding debt, TPIPL’s debt would decline to Bt11,416.11 million. Debts under DRP and MRA will mature in December 2007. The company has been working with financial institutions to refinance its debt since the end of last year; the refinancing has taken longer than expected. TPIPL’s management hasadvised TRIS Rating that the deal should be concluded within the third quarter of 2007. TRIS Rating upgraded the company rating of TPIPL to “BBB” from “BBB-” on 17 November 2006, based on a strengthened financial profile after a massive debt reduction that was funded by a capital increase. TPIPL’s financial status in 2007 is expected to improve due to a massive reduction in financing costs. Interest paid in the first quarter of 2007 was Bt116 million, down by Bt220 million from Bt336 million in the same period of the previous year. The earnings before interest, tax, depreciation and amortization (EBITDA) interest coverage ratio has also improved considerably from 4.23 times in 2006 to 9.88 times in the first quarter of 2007. TPIPL’s capital structure was relatively strong, with an adjusted debt to capitalization ratio of 20.34% as of March 2007. TRIS Rating expects to conduct a full review of TPIPL’s credit rating upon the completion of the company’s debt refinancing. Should the company be unable to complete the refinancing within the appropriate time, a rating downgrade is likely. Currently, TPIPL has been assigned a “BBB” company rating by TRIS Rating.