TUF today announced that Tris Rating Co., Ltd. has upgraded its senior debenture rating from A+ to AA- and has assigned it a ‘Stable Outlook'. This upgrade reflects TUF's outstanding business performance, its successful business consolidation of MW Brand Holdings Group (MWB), a canned seafood producer in Europe, its strong market position and strengthened financial profile.
Mr. Thiraphong Chansiri, President, Thai Union Frozen Products PCL (TUF) said, "The Tris Rating upgrade confirms that our business practices, strict financial discipline and risk management have placed us in a strong financial position. As the leading global seafood expert with a well-diversified product portfolio, this is where we should be. Additionally, our ability to pay both the interest and principal from our MWB acquisition on time is further proof of our financial strength and responsibility."
The "Stable Outlook', as assigned by Tris, reflects TUF's ability to maintain competitive economies of scale and production efficiency. Even though there were the fluctuations in raw material costs, the company's diversified base of markets and variety of its world-leading seafood brands enhance the stability of TUF's revenue streams.
"The increased rating to AA- with a ‘Stable Outlook' shows our management strength and business efficiency. Our company has always operated along strategic, conservative financial principles and fiscal discipline, and this has served us well. Our business is more successful than ever and we will continue to grow at a rate that will generate better return to our investors and shareholders and guarantee that we will continue to be able to provide our customers with the best quality seafood products in the world," concluded Mr. Thiraphong.