Tris Rating has upgraded the corporate credit rating of Gulf Development Plc from A+ to AA-, while its senior unsecured debentures were raised from A to AA-, with a stable outlook.
The upgrade is attributed to its strengthened financial profile following the amalgamation with InTouch Holdings, stable cash flows, a well-diversified investment portfolio and significant dividend income, notably from Advanced Info Service (ADVANC).
The amalgamation is expected to streamline business operations and foster synergies between energy and digital businesses.
Yupapin Wangviwat, deputy chief executive and chief financial officer of Gulf Development, said the AA- rating upgrade validates the success of the amalgamation.
"This strategic move not only expanded our asset base, equity base, and earnings before interest, taxes, depreciation and amortisation, but also significantly improved our credit metrics and investment capacity," she said.
Ms Yupapin said the reduced debt-to-equity ratio will enable Gulf to pursue strategic investments, driving growth and delivering strong shareholder returns. The amalgamation positions Gulf as a leading regional energy and infrastructure company, poised for expansion into diverse sectors with sustainable growth, she said.
Gulf's integrated business structure, encompassing energy, infrastructure, digital and investment portfolios, solidifies the company's vision to become a future-oriented, innovation-driven organisation, said Ms Yupapin.
