TPI Polene Public Company Limited, or TPIPL, has received a BBB rating for its new unsubordinated and unsecured bonds worth up to 6.5 billion baht with a maturity of up to seven years from TRIS Rating Company Limited. The company also had its corporate rating and existing bonds affirmed at BBB with a stable outlook. The company plans to use the proceeds to repay maturing debt. The rating reflects the strength of its cement and polymer businesses and its integrated operations, but is pressured by the cyclical nature of the construction materials industry and high leverage. First-quarter 2026 performance saw EBITDA rise 5 percent year-on-year to 2.6 billion baht, while the financial debt-to-EBITDA ratio stood at 8.2 times. EBITDA is expected to increase to around 10 billion baht per year over the next three years, bringing the debt-to-EBITDA ratio down to 6 to 7 times. Liquidity remains manageable despite around 16.4 billion baht in debt maturing over the next 12 months, with funding sources of 12.2 billion baht available and the gap expected to be covered by the new bond issuance.
TPI Polene Public Company LimitedCompany receives BBB rating and plans bond issuance to refinance debt, improving financial flexibility.