Issue Rating / Outlook
By TRIS
BTS Group A / Stable
BTSC A / Stable
BTSC Debenture: THB 22,000mn
Senior unsecured debenture
A / Stable
BTSG Debenture: THB 7,000mn
Senior unsecured debenture
A / Stable

BTS Group and BTSC are rated “A / Stable” from TRIS Rating (TRIS). TRIS has assessed the Company and BTSC as having solid, stable cash flow and profitability in its mass transit and media operations. The ratings will add flexibility to the Company to tap debt financing sources at attractive rates.

TRIS on 7 October 2016, re-affirmed BTSC’s initial rating at “A / Stable” outlook after the THB 22,000mn senior unsecured debenture issuance by BTSC. The bonds were issued in four tranches due in 2019, 2021, 2023, and 2026. The proceeds will mainly be used to purchase new rolling stocks and fund electrical and mechanical systems (E&M) for the Green Line North & South extensions. This BTSC’s debenture is rated “A / Stable” from TRIS.

Subsequently, on 26 December 2017, the Company issued THB 7,000mn senior unsecured debenture. The debentures were issued in four tranches due in 2020, 2022, 2027, and 2029 The proceeds will mainly be used for repayment of existing debts and/or investment and/or financing the working capital of the Company. This debenture and the Company were respectively rated and re-affirmed “A / Stable” from TRIS on 8 December 2017.