Tris Rating Affirms TTA Credit Rating at BBB, Assigns BBB to New 1.7 Billion Baht Bonds

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Tris Rating has affirmed the corporate rating and the rating of the current senior unsecured debentures of Thoresen Thai Agencies Public Company Limited, or TTA, at BBB with a Stable outlook. At the same time, it has assigned a BBB rating to the company's new senior unsecured debentures, with a limit of up to 1.7 billion baht. The company will use the proceeds from this bond issuance to repay maturing debt. Tris Rating expects the company's average freight rate to be 16,800 US dollars per day per vessel in 2026, before declining to 14,500 US dollars in 2027 and 12,500 US dollars in 2028. It expects total revenue to be 25.4 billion baht in 2026 and 26 to 27 billion baht per year during 2027 to 2028, with an EBITDA margin of 13% to 14% during 2026 to 2027, before falling to about 11% in 2028. As for the offshore services business through Mermaid Maritime Public Company Limited, or MML, in which the company holds a 68.4% stake, the value of its service contract backlog as of June 2026 stood at 750 million US dollars, comprising 76% IRM work, 14% decommissioning, transportation and installation work, and 10% cable laying work. The credit rating is constrained by the volatility and cyclicality of the core business, as well as the company's high-risk financial policy, particularly investments in digital assets with no clear limits. As of June 30, 2026, the company held approximately 5.8 billion baht in digital assets, compared with cash and cash equivalents of 8.4 billion baht and total liabilities of 11.3 billion baht.

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Mermaid MaritimePrivate± Mixed
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TTA's 68.4%-owned Mermaid Maritime is cited with a $750m service contract backlog as of June 2026, but the article gives no new MML-specific development.

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