Bangchak Corporation’s Credit Upgraded by TRIS to “A” from “A-”, Reflecting Healthy Rebound and Strong Business Performance

Bangchak Corporation company rating has been upgraded by TRIS Rating to “A” from “A-”, reflecting its healthy rebound in business performance.

TRIS Rating announced upgrades the company rating on Bangchak Corporation PLC (BCP) and the ratings on BCP’s senior unsecured debentures to “A” from “A-”. TRIS Rating also upgrades the rating on BCP’s subordinated capital debentures to “BBB+” from “BBB”. The rating outlook remains “stable”, effective from 27 October 2022.

Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said that the company is pleased with TRIS Rating’s upgrade of our corporate credit to “A” from “A-”. This was based on the strong business fundamentals of Bangchak Group, which has continuously improved and recovered after the COVID-19 crisis in many aspects including the Refinery Business’s focus on niche products to enhance gross refinery margin (GRM), strong recovery in sales volume through service stations, sizable earnings contribution from our natural resource investment in Norway through OKEA ASA, heavy investments in green power business, significant improvements to its financial profile, and sound liquidity position. This marks another important step reflecting the success of well-balance business operations and sustainable growth which have contributed to the upgraded rating.”