GULF Achieves Global Standing with “A” Credit Rating and “Stable” Outlook from Japan Credit Rating Agency Reflecting Financial Strength and Growth Strategy

Gulf Development Public Company Limited (GULF), Thailand’s leading conglomerate, has been assigned an “A” corporate credit rating with a “stable” outlook by Japan Credit Rating Agency (JCR). This rating is equivalent to Thailand’s sovereign credit rating, reflecting GULF’s strong business potential and solid financial position. Gulf Group has a diversified business structure covering energy, infrastructure, telecommunications, satellite, and digital sectors, which effectively generates stable cash flow and effectively diversifies revenue risks, particularly following the merger with Intouch Holdings Public Company Limited (INTUCH), a leading Thai investment company in the telecommunications, media, and digital sectors, most notably holding a controlling stake in AIS, Thailand’s largest mobile operator.

Mr. Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited (GULF), stated, “Receiving the ‘A’ corporate credit rating from JCR marks another significant milestone that reflects the confidence of investors and financial institutions in the potential and stability of the Gulf Group. This achievement will enhance our international credibility and increase opportunities to expand our foreign investor base, supporting the Company’s continuous growth and business expansion in the future.”

Japan Credit Rating Agency (JCR) is a leading credit rating agency in Japan, accredited by Japan’s Financial Services Agency (FSA). It is widely recognized in global financial markets and holds over 60% market share of domestic issuer ratings in Japan. Furthermore, JCR is the only Japanese credit rating institution registered in the United States, the European Union, and the United Kingdom, making its credit ratings broadly accepted internationally.