TRIS Rating downgrades the company rating on Total Access Communication PLC (DTAC) to ?A+? from ?AA?. The company rating on DTAC is equal to the rating of ?A+? we assign to the merged entity founded from the merger of DTAC and the former TRUE Corporation PLC (TRUEE). The rating outlook is ?stable?.
DTAC and TRUEE announced the completion of the merger on 1 March 2023. The merged entity is named TRUE Corporation PLC (TRUE). In effect, DTAC has ceased to exist. The entire assets and liabilities of DTAC, were transferred to and assumed by TRUE. As a result, all of DTAC?s subsidiaries are now subsidiaries of TRUE.
The downgrade reflects the weaker financial profile of TRUE, compared to that of DTAC. We also remove the CreditAlert placed on the company rating on DTAC.
Following this rating action announcement, we withdraw the company rating on DTAC since the entity has ceased to exist.
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