TRIS Rating upgrades the company rating on the former TRUE Corporation PLC (TRUEE) and the ratings on its senior unsecured debentures to ?A+? from ?BBB+?. The ratings on TRUEE are equal to the company rating of ?A+? we assigned to the newly formed entity as the result of the amalgamation between the former TRUEE and Total Access Communication PLC (DTAC). The outlook is ?stable?.
TRUEE and DTAC announced the completion of the merger on 1 March 2023. The newly formed entity is named TRUE Corporation PLC (TRUE). In effect, TRUEE has ceased to exist. The entire assets and liabilities of TRUEE, including its senior unsecured debentures rated by TRIS Rating, were transferred to, and assumed by TRUE. In addition, all TRUEE?s subsidiaries are now subsidiaries of TRUE.
The rating upgrade reflects the stronger financial risk profile and business risk profile of the merged entity. At the same time, we remove all CreditAlert placed on TRUEE and its debt issues since 24 May 2022.
Following this announcement of rating actions, we withdraw all ratings on TRUEE and its debt issues since the entity has ceased to exist.
RELATED CRITERIA
- Group Rating Methodology, 7 September 2022
- Corporate Rating Methodology, 15 July 2022
- Key Financial Ratios and Adjustments for Corporate Issuers, 11 January 2022
- Issue Rating Criteria, 15 June 2021
TRIS Rating Co., Ltd./www.trisrating.com
Contact: santaya@trisrating.com, Tel: +66 0 2 098 3000/Silom Complex Building, 24th Floor, 191 Silom Road, Bangkok 10500, Thailand
? Copyright 2023, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution, or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited, without the prior written permission of TRIS Rating Co., Ltd. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient?s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information. All methodologies used can be found at www.trisrating.com/rating-information/rating-criteria