Thoresen Thai Agencies Public Company Limited or TTA is pleased to announce that TRIS Rating affirms the rating on Thoresen Thai Agencies PLC (TTA) and the rating on its outstanding senior unsecured debentures at "BBB+" with a "stable" outlook, reflecting TTA's strength in its two core businesses, dry-bulk shipping, and offshore services.
TRIS Rating expects that TTA will continue to deliver sound operating performance over the next few years due to modest supply growth in the dry-bulk shipping industry which continues to keep freight rates high, though not as high as the levels seen in the last two years. In addition, a strong order book and growing scale of operations should sustain the turnaround in the offshore services business.
Mr. Chalermchai Mahagitsiri, TTA President and Chief Executive Officer said: "The TRIS Rating highlights our strong balance sheet with sufficient liquidity and positive outlook for the operating performance of our core businesses, especially Shipping and Offshore Services segments. TTA has a significant amount of cash on hand so TTA will seek the best opportunities to invest in dry-bulk shipping vessels and in expanding the scope of offshore services and geographical reach in the Middle East, West Africa, the UK and Southeast Asia. Moreover, TTA plans to open more branches of Taco Bell and Pizza Hut in Thailand."