TRIS Rating has assigned a rating of “A+” with a “Stable” outlook to the proposed issue of up to THB8 billion in senior unsecured debentures maturing within four years by Ngern Tid Lor PLC (NTL), replacing the previous THB6 billion issue rating assigned on 23 July 2026.
Strategic Capital Allocation and Group Profile
The company plans to utilize proceeds from the new debenture offering for debt refinancing and working capital needs. Concurrently, TRIS Rating affirmed NTL’s issuer credit rating and the ratings on its existing senior unsecured debentures at “A+” with a “Stable” rating outlook.
TRIS Rating classifies NTL as a core subsidiary of TIDLOR Holdings PLC (TIDLOR), which maintains a 99.4% equity stake. Under group rating methodology, NTL’s ratings match TIDLOR Group’s group credit profile, as the operating arm generates over 99% of the group’s total assets and earnings. Funding and liquidity are supported by credit facilities accessible from Bank of Ayudhya PLC (BAY), which holds a “AAA/Stable” rating.
Strong Financial Performance and Asset Quality in 6M26
TIDLOR reported an outstanding loan balance of THB113 billion in the first six months of 2026, representing a 6.3% expansion year-on-year. Net income for the period rose 26.2% year-on-year to THB3.2 billion, supported by controlled asset quality and reduced credit costs.
Credit metrics reflect continuous improvement, with credit costs declining to 1.9% annualized in the first half of 2026 compared to 2.8% across 2025. The non-performing loan (NPL) ratio stood at 1.5% at the end of June 2026, alongside an annualized NPL formation rate of 1.8%.
Capital reserves remained solid through the period, recording a risk-adjusted capital (RAC) ratio of 31.0%. Earnings before taxes to average risk-weighted assets (EBT/ARWA) reached 7.2% annualized, up from 5.8% in 2025.
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