บทวิเคราะห์ (Research)

TRIS Rating assigns a rating of “A+” to Tidlor holdings PLC (TIDLOR)’s proposed issue of up to THB3 billion guaranteed debentures maturing within three years. The debentures are fully guaranteed by Ngern Tid Lor PLC (NTL, rated “A+/Stable”). TIDLOR intends to use the proceeds from the new debentures to extend loans to NTL for its debt repayments. At the same time, TRIS Rating affirms the company rating on TIDLOR and NTL at “A+”, with a “stable” outlook. The rating on TIDLOR incorporates a one-notch enhancement from TIDLOR’s group stand-alone credit profile (SACP) assessed at “a” level. The enhancement reflects our view of TIDLOR’s status as a strategic affiliate of Bank of Ayudhya PLC (BAY, rated “AAA/Stable”). The ratings take into consideration the business and financial support TIDLOR receives from BAY.