Bangchak’s Financial Stability Strenthened TRIS Rating Upgrades to A+

Bangchak Corporation Public Company Limited (BCP) has received a credit rating upgrade from TRIS Rating, raising the company’s corporate credit rating to "A+" from "A," the highest rating the company has ever achieved. The rating outlook is “Stable,” effective from Monday, September 30, 2024.

This credit upgrade reflects the strengthened business structure of Bangchak, which has been elevated by the growth of its refining and oil trading businesses, as well as its marketing operations. The integration of Bangchak Sriracha Public Company Limited (BSRC) into the Bangchak Group, along with the continuous expansion of its exploration and production (E&P) business, has contributed to sustainable growth. Additionally, the diversification of its business portfolio helps to mitigate the volatility of its performance caused by fluctuations in oil prices or refining margins.

Mr. Chaiwat Kovavisarach, Group CEO and President, Bangchak Corporation Public Company Limited, stated, "This credit rating upgrade reaffirms the success and capability of our strategic execution. Over the past year, following the acquisition of BSRC, we have consistently realized increasing benefits from synergies, surpassing our original targets. This has significantly strengthened the growth and resilience of our refining, oil trading, and marketing businesses. Moreover, our exploration and production business, through our investment in OKEA ASA in Norway, continues to expand its production in line with set targets, significantly enhancing Bangchak's competitiveness and operational flexibility. We are committed to maintaining financial discipline and making prudent investment decisions to ensure sustainable and stable growth."