TRIS Affirms TTA at BBB, Assigns BBB to New 1.7 Billion Baht Bond Issue

Corporate ActionAnalyst
โดย HoonVision·TH·Read original
Summary · why it matters

TRIS Rating has affirmed the corporate rating and the senior unsecured bond rating of Thoresen Thai Agencies Public Company Limited, or TTA, at BBB with a stable outlook, and has also assigned a BBB rating to a new tranche of senior unsecured bonds with a limit of up to 1.7 billion baht, which the company will use to repay maturing bonds. TRIS Rating stated that the affirmation reflects TTA's strength as one of the world's leading shipping operators and the continued growth of its offshore services business, the two core businesses that generate stable cash flow and operating results. In the first six months of 2026, Thoresen Shipping recorded an average time charter equivalent rate of 16,614 US dollars per vessel per day, 14 percent higher than the net market charter rate for Supramax vessels, while Mermaid Maritime had a backlog of service contracts worth approximately 750 million US dollars as of the end of June 2026, mostly subsea engineering work, and TRIS Rating expects Mermaid's revenue to increase by about 19 percent during 2027-2028 compared with 2026. On the financial side, as of the end of June 2026, TTA had cash and cash equivalents of approximately 8.4 billion baht and a net interest-bearing debt to equity ratio of only 0.07 times, below the covenant requirement of no more than 2.0 times.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 1

Mermaid MaritimePrivate▲ Positive
Demandrelevance

Mermaid Maritime's offshore services backlog of ~$750M and expected ~19% revenue growth in 2027-2028 support TTA's core business.

© 2026 MarketDXNews