TRIS Rating downgrades the company rating on Thai Airways International PLC (THAI) and the ratings on THAI’s senior unsecured debentures to “D” or “Default”. The downgrade follows the Bankruptcy Court’s acceptance of THAI’s rehabilitation petition on 27 May 2020. As a result, all of THAI’s debt obligations have been placed on automatic standstill by law, which means THAI has halted all debt services.
TRIS Rating will reassess the credit ratings on THAI as and when the company has reached an agreement with all stakeholders on the rehabilitation plan.
RELATED CRITERIA
- Rating Methodology – Corporate, 26 July 2019
- Key Financial Ratios and Adjustments, 5 September 2018
- Rating Methodology – Government-Related-Entity, 6 June 2017
Thai Airways International PLC (THAI)
Company Rating: D
Issue Ratings:
THAI206A: Bt1,000 million senior unsecured debentures due 2020 D
THAI208A: Bt1,250 million senior unsecured debentures due 2020 D
THAI208B: Bt800 million senior unsecured debentures due 2020 D
THAI209A: Bt1,500 million senior unsecured debentures due 2020 D
THAI20NA: Bt2,035 million senior unsecured debentures due 2020 D
THAI212A: Bt1,000 million senior unsecured debentures due 2021 D
THAI215A: Bt833 million senior unsecured debentures due 2021 D
THAI215B: Bt2,167 million senior unsecured debentures due 2021 D
THAI215C: Bt1,000 million senior unsecured debentures due 2021 D
THAI218A: Bt500 million senior unsecured debentures due 2021 D
THAI21NA: Bt634 million senior unsecured debentures due 2021 D
THAI21DA: Bt1,340 million senior unsecured debentures due 2021 D
THAI21DB: Bt500 million senior unsecured debentures due 2021 D
THAI222A: Bt2,000 million senior unsecured debentures due 2022 D
THAI224A: Bt2,000 million senior unsecured debentures due 2022 D
THAI225A: Bt1,970 million senior unsecured debentures due 2022 D
THAI226A: Bt1,000 million senior unsecured debentures due 2022 D
THAI229A: Bt2,500 million senior unsecured debentures due 2022 D
THAI22OA: Bt1,500 million senior unsecured debentures due 2022 D
THAI232A: Bt1,200 million senior unsecured debentures due 2023 D
THAI232B: Bt2,453 million senior unsecured debentures due 2023 D
THAI238A: Bt1,500 million senior unsecured debentures due 2023 D
THAI238B: Bt500 million senior unsecured debentures due 2023 D
THAI23DA: Bt1,000 million senior unsecured debentures due 2023 D
THAI242A: Bt1,000 million senior unsecured debentures due 2024 D
THAI243A: Bt1,500 million senior unsecured debentures due 2024 D
THAI245A: Bt910 million senior unsecured debentures due 2024 D
THAI246A: Bt1,000 million senior unsecured debentures due 2024 D
THAI24DA: Bt1,430 million senior unsecured debentures due 2024 D
THAI252A: Bt1,000 million senior unsecured debentures due 2025 D
THAI254A: Bt2,300 million senior unsecured debentures due 2025 D
THAI259A: Bt3,000 million senior unsecured debentures due 2025 D
THAI265A: Bt610 million senior unsecured debentures due 2026 D
THAI26DA: Bt3,000 million senior unsecured debentures due 2026 D
THAI276A: Bt3,000 million senior unsecured debentures due 2027 D
THAI282A: Bt2,400 million senior unsecured debentures due 2028 D
THAI288A: Bt2,200 million senior unsecured debentures due 2028 D
THAI28DA: Bt2,000 million senior unsecured debentures due 2028 D
THAI295A: Bt2,320 million senior unsecured debentures due 2029 D
THAI29NA: Bt1,899 million senior unsecured debentures due 2029 D
THAI308A: Bt1,200 million senior unsecured debentures due 2030 D
THAI326A: Bt2,000 million senior unsecured debentures due 2032 D
THAI332A: Bt1,400 million senior unsecured debentures due 2033 D
THAI338A: Bt1,300 million senior unsecured debentures due 2033 D
THAI345A: Bt2,190 million senior unsecured debentures due 2034 D
THAI34NA: Bt1,767 million senior unsecured debentures due 2034 D
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