KTC has been upgraded to an "AA" corporate and debt rating by TRIS Rating, reflecting its strong financial position and capital structure, sustainable business growth, and commitment to good governance.
Mrs. Pittaya Vorapanyasakul, President and Chief Executive Officer at Krungthai Card Public Company Limited (KTC), revealed that "TRIS Rating Company Limited has upgraded the company rating on KTC and the ratings on its outstanding senior unsecured debentures to "AA" (Double A Straight) from "AA-" (Double A Minus). At the same time, TRIS Rating has assigned "AA" rating to KTC's proposed issue of up to THB 15 billion in senior unsecured debentures. The proceeds from the new debentures will be used for debt refinancing, business expansion, investments, or funding for its subsidiaries."
"The upgraded credit rating reflects KTC's continued improvement in operating performance and asset quality, which has significantly strengthened the company's financial position. The "stable" outlook indicates confidence that KTC will maintain its market share and asset quality through effective credit approval and debt collection practices, while preserving its current capital structure. The company remains focused on sustainable business growth and delivering long-term value to all stakeholders."
KTC's strong business position highlights its resilience amid challenging market and economic conditions. Despite the slowdown in consumer spending since the COVID-19 pandemic, KTC has maintained its market leadership in the core credit card business, measured by the number of cards, outstanding loans, and card spending. The company has maintained and increased its 2024 market share in the credit card business to 15%, up from 13-14% over the past few years, and its credit card spending grew by 10%, outperforming the industry average of 3%.
In addition, KTC has preserved its market share in the unsecured personal loan business at 6-7% despite intense competition from both commercial banks and non-bank financial institutions. Regarding its member base, KTC has demonstrated notable strength and differentiation through its Loyalty Program, which enables members to redeem KTC FOREVER points across various promotional campaigns. This has become a key competitive advantage and helps foster long-term engagement between KTC and its members.