Bangchak Receives Company Rating Affirmation at “A” with “Stable” Outlook by TRIS Rating, Reflecting the Positive Reception of the Completed Acquisition of Esso (Thailand)

Bangchak Corporation Public Company Limited received company rating affirmation at “A” and rating outlook “stable” by TRIS Rating following the completed acquisition of 65.99% of the shares of Esso (Thailand) Public Company Limited.

TRIS Rating affirmed the company rating on Bangchak Corporation at “A”, the ratings on its outstanding senior unsecured debentures at “A”, and the rating on its subordinated capital debentures at “BBB+”. Moreover, TRIS Rating removed the CreditAlert with a “negative” implication that has been placed on all ratings on BCP since 19 January 2023 following the announcement of the completed acquisition of 65.99% of the shares of Esso (Thailand) Public Company Limited on 31 August 2023.

Phatpuree Chinkulkitnivat, Senior Executive Vice President, Accounting and Finance, Bangchak Corporation Public Company Limited, stated that “The affirmation of Bangchak’s company rating reflects the positive view of the completed acquisition of shares of Esso (Thailand). Bangchak will be able to immediately recognize revenue from acquired assets from the transaction, including an oil refinery with a capacity of 174,000 barrels per day, oil tank terminal network, and over 800 service stations. Moreover, TRIS Rating is confident of Bangchak’s enhanced business potential in oil refining and marketing businesses, and synergetic business benefits that will solidify Bangchak’s EBITDA and cash flow post-acquisition.”