Investor Presentaiton
TRIS Rating upgraded BTG in 2022 to "A" with "stable" outlook
BETAGRO
TRIS Rating Report on December 15, 2022
TRIS
RATING
AStrategie Partner of
BETAGRO PLC
CORPORATES
Company Rating:
A
Issue Ratings:
Senior unsecured
Outlook:
A
Stable
Last Review Date: 16/12/21
Company Rating History:
Date
03/01/19
08/09/11
A
Rating Outlook/Alert
A-
Stable
Stable
BTG's Debentures
ข่าวเครดิต
CreditNews
Betagro PLC (BTG)
Company Rating:
Issue Ratings:
A
RATIONALE
No. 228/2022
15 December 2022
TRIS Rating upgrades the company rating on Betagro PLC (BTG) and the
ratings on its senior unsecured debenture to "A" from "A-" with a "stable"
outlook. The upgrade reflects BTG's strengthened capital structure, following
its initial public offering (IPO) and listing on the Stock Exchange of Thailand
(SET), together with its sound operating performance on the back of a
substantial increase in livestock prices. We view the momentum of high meat
prices to continue in 2023 before gradually softening in 2024.
The "stable" outlook reflects our view of the company's ability to maintain its
business position and its financial profile as measured by the ratio of debt to
earnings before interest, taxes, depreciation, and amortization (EBITDA)
below 4 times on a sustained basis.
The ratings are underpinned by BTG's leading position in the Thai agribusiness
and food industries. The ratings also factor in several industry risk factors,
such as the cyclicality of commodity-type products, volatile raw material
prices, animal disease outbreaks, and trade barriers. However, BTG's
vertically integrated product lines, and its strategy to focus on value-added
and branded products alleviate these concerns to some extent.
BTG233A: THB2,000 million senior unsecured debentures due 2023
BTG238A: THB800 million senior unsecured debentures due 2023
BTG247A: THB1,000 million senior unsecured debentures due 2024
BTG248A: THB1,000 million senior unsecured debentures due 2024
BTG258A: THB2,200 million senior unsecured debentures due 2025
Rating Outlook:
A
A
A
A
A
Stable
6
Source: TRIS Rating Report No. 228/2022 (December 15, 2022)View entire presentation