Thoresen Thai Agencies Achieves High A-Minus (THA) Fitch Ratings Result/Stable Outlook Tops Magazine Poll
Thoresen Thai Agencies (”TTA”) has reaffirmed its established positions in its niche dry bulk shipping and offshore services businesses by two recent recognitions: A significant Fitch Ratings upgrade from BBB+ (tha) to A- (tha); and Thailand’s best-managed company 2007 award by the region’s most prestigious financial magazine.
The Fitch Ratings upgrade was given based on a significant improvement in the recovery prospects of TTA’s unsecured creditors - following the issuance of its USD 170 million unsecured convertible debentures to refinance its secured vessel loans.
The Outlook on the rating is Stable. TTA’s rating reflects its established position in the dry bulk shipping niche market, particularly on the China, Southeast Asia and Middle East routes, and its diversified fleet employment strategy.