Bangkok--30 Jan--Neo Target Thoresen Thai Agencies ("TTA") has reaffirmed its established positions in its niche dry bulk shipping and offshore services businesses by two recent recognitions: A significant Fitch Ratings upgrade from BBB+ (tha) to A- (tha); and Thailand's best-managed company 2007 award by the region’s most prestigious financial magazine. The Fitch Ratings upgrade was given based on a significant improvement in the recovery prospects of TTA's unsecured creditors - following the issuance of its USD 170 million unsecured convertible debentures to refinance its secured vessel loans. The Outlook on the rating is Stable. TTA’s rating reflects its established position in the dry bulk shipping niche market, particularly on the China, Southeast Asia and Middle East routes, and its diversified fleet employment strategy. As regards to Asiamoney magazine poll results, a strong corporate vision, canny use of capital, and an eye for detail were cited as the qualities that set TTA apart from other contenders in the region. "These recent endorsements are a reflection of the company’s good strategic choices and the hard work by our employees to execute our business. We are grateful that various investors and stakeholders have confidence in TTA.”, states Managing Director M.L.Chandchutha Chandratat. "In the past year, we implemented numerous strategic initiatives resulting in a 42% net profit increase compared to the year before. Capital raised last year will be invested in TTA's major expansion projects including fleet renewal for the Dry Bulk Shipping Group, and fleet expansion of the Offshore Services Group. We continue to look for regional diversification opportunities.” The recent listing on the Singapore Exchange of TTA's majority-owned Mermaid Maritime Plc raised SGD 246 million, which will be used to expand the company's fast growing sub-sea engineering and drilling businesses which should pave way for further diversification and a jump in net profit contributions from non-dry bulk shipping operations. TTA has also established partnerships in Malaysia and Indonesia. "The positive rating by Fitch as well as the Asiamoney accolade lend testimony to TTA's aggressive, result-oriented business strategies for both dry bulk shipping and non-dry bulk shipping ventures. We are working hard to firmly establish TTA as one of Asia's foremost business groups.", concluded M. L. Chandchutha. For more information please contact : Neo Target Co, Ltd. Khun Teerarat/ Khun Narueporn/ Khun Kanokporn Tel.02-631-2290-5 ext.307-308,311 Fax.02-234-6192-3 E-mail : [email protected]/[email protected]/[email protected]