TRIS Ratings has affirmed the corporate rating and the rating of senior unsecured debentures of Thai Union Group, or TU, at A+, reflecting the company's strong business position as one of the world's leading producers of processed seafood, with production bases in 14 countries and a strong brand portfolio. In the first half of 2026, Thai Union recorded sales of 65.899 billion baht and a gross profit margin of 20.2%, up from the 18-19% level of recent years. As of June 2026, the company held cash and short-term investments of 14.5 billion baht and undrawn credit facilities of 26 billion baht, while its ratio of net interest-bearing debt to equity stood at 1.2 times, below the ceiling of no more than 2.0 times set out in its debenture covenants. However, TRIS Ratings has revised Thai Union's rating outlook to Negative from Stable, reflecting pressure on the financial ratios relevant to the rating and on progress in reducing debt. Miss Ratiporn Ratcharoen, Chief Financial Officer of Thai Union Group, said the affirmation of the A+ rating reflects the business's adaptability, its global operating network, and improved profitability. She added that the company recognises the debt-level issues raised by TRIS and is committed to steadily strengthening its financial position, focusing on increasing cash flow, managing working capital efficiently, allocating capital with discipline, and reducing debt levels, alongside driving balanced growth.
Thai Union Group PCLTRIS affirmed Thai Union's A+ rating but revised the outlook to Negative on pressure on rating-relevant financial ratios and slow debt reduction.
