Thoresen Thai Agencies Public : TRIS Rating Affirms TTA Ratings at "BBB" with a "Stable" Outlook

THORESEN THAI AGENCIES PLC Press Release

TTA CORPORATE| TTA Transport |TTA Energy| TTA Infrastructure

For immediate Release

TRIS Rating Affirms TTA Ratings at "BBB" with a "Stable" Outlook

Bangkok, Thailand, 26 December 2019 - Thoresen Thai Agencies Public Company Limited (TTA) is pleased to announce that TRIS Rating has affirmed the company rating and the ratings on TTA's outstanding senior unsecured debentures at "BBB" with a "stable" outlook. The ratings take into consideration TTA's strong balance sheet supported by sizable cash on hand and uncertainties and volatility in shipping and offshore service businesses.

The "stable" outlook reflects TRIS Rating's expectation that TTA will be able to weather the adverse conditions of the dry-bulk shipping and offshore service industries in the short to medium term. TTA's strong balance sheet and liquidity profile are likely to continue to play important roles in supporting the ratings over the next 1-2 years.

Improving supply fundamentals are creating a more favorable market outlook. Dry-bulk shipping capacity growth is expected to remain modest in the next 12-18 months, thanks to the implementation of a sulphur emissions cap (IMO 2020) becoming effective on 1 January 2020. Growth in supply and demand is expected to be better balanced compared with the past several years.

Offshore service business remains challenging. At the end of 2019, TTA had order books totaling US$210 million which will translate into revenues of US$27 million in 2019, US$75 million in 2020, and a total of US$108 million during 2021-2022 with a potential for additional order during the relevant period.

In the food business, the main contribution is from Pizza Hut restaurants, which have started benefitting from increased scale and a greater number of outlets. The company operated 144 Pizza Hut outlets at the end of September 2019, compared with 108 outlets at the end of 2017.

TTA's liquidity is assessed to be sufficient to cover its needs for the next 12-24 months. Its primary sources of funds are cash and cash equivalents on hand amounting to a consolidated Baht 6.9 billion at the end of September 2019.

Mr. Chalermchai Mahagitsiri, TTA President and CEO said, "These rating assignments reflected that TTA remains solid and financially sound. Thoresen shipping business is well positioned for further growth in the upcoming year while Mermaid Maritime will be benefited from current healthy orderbook. TTA is gearing towards sustainability development to foster growth on both financial performance as well as to deliver higher value for all stakeholders in the years ahead and beyond."

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THORESEN THAI AGENCIES PLC Press Release

TTA CORPORATE| TTA Transport |TTA Energy| TTA Infrastructure

About TTA

Thoresen Thai Agencies Public Company Limited, or TTA, is a strategic investment holding company that is listed on the Stock Exchange of Thailand, with an investment policy to achieve growth through a balanced portfolio that is diversified both locally and internationally. Included in its current business portfolio are shipping, offshore service, agrochemical, and investment.

For more information, please contact: Natasa Urcharoenngan (Ni) Tel: [phone] Email:

[e-mail]

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