{"id":4868,"date":"2026-08-04T20:03:40","date_gmt":"2026-08-04T13:03:40","guid":{"rendered":"https:\/\/thereporter.asia\/eng\/?p=4868"},"modified":"2026-08-04T20:03:40","modified_gmt":"2026-08-04T13:03:40","slug":"tris-assigns-bbb-plus-rating-to-cpf-hybrid-debentures","status":"publish","type":"post","link":"https:\/\/thereporter.asia\/eng\/2026\/08\/tris-assigns-bbb-plus-rating-to-cpf-hybrid-debentures\/","title":{"rendered":"TRIS Assigns BBB+ Rating to CPF Hybrid Debentures"},"content":{"rendered":"<p id=\"p-rc_b637f52359619eb2-451\" data-path-to-node=\"1\"><span data-path-to-node=\"1,1\"><span class=\"citation-2402\">TRIS Rating has assigned a rating of &#8220;BBB+&#8221; to Charoen Pokphand Foods PLC&#8217;s (CPF) proposed issue of up to THB15 billion in subordinated capital debentures (hybrid debentures)<\/span><\/span><span data-path-to-node=\"1,3\">. <\/span><span data-path-to-node=\"1,5\"><span class=\"citation-2401\">At the same time, TRIS Rating affirmed the issuer credit rating on CPF and the ratings on its outstanding senior unsecured debentures at &#8220;A&#8221;, alongside affirming ratings on its existing hybrid debentures at &#8220;BBB+&#8221;, with a &#8220;Stable&#8221; rating outlook<\/span><\/span><span data-path-to-node=\"1,7\">.<\/span><\/p>\n<h2 data-path-to-node=\"2\">Debenture Proceeds and Rating Differential<\/h2>\n<p id=\"p-rc_b637f52359619eb2-452\" data-path-to-node=\"3\"><span data-path-to-node=\"3,1\"><span class=\"citation-2400\">The ratings on CPF&#8217;s hybrid debentures are two notches below the issuer credit rating, reflecting their subordinated nature and the option for the issuer to defer coupons on a cumulative basis<\/span><\/span><span data-path-to-node=\"3,3\">. <\/span><span data-path-to-node=\"3,5\"><span class=\"citation-2399\">Proceeds from the new debenture issuance are intended to repay existing hybrid debentures (CPF22PA)<\/span><\/span><span data-path-to-node=\"3,7\">. <\/span><span data-path-to-node=\"3,9\"><span class=\"citation-2398\">CPF&#8217;s liquidity is expected to remain manageable over the next 12 months, largely relying on refinancing<\/span><\/span><span data-path-to-node=\"3,11\">. <\/span><span data-path-to-node=\"3,13\"><span class=\"citation-2397\">As of March 2026, the company held THB23 billion in cash and is projected to generate funds from operations of approximately THB40 billion over the next 12 months<\/span><\/span><span data-path-to-node=\"3,15\">.<\/span><\/p>\n<p id=\"p-rc_b637f52359619eb2-453\" data-path-to-node=\"4\"><span data-path-to-node=\"4,1\"><span class=\"citation-2396\">Major funding requirements over the next 12 months include debt repayments and capital expenditures, with capital spending projected at around THB29 billion<\/span><\/span><span data-path-to-node=\"4,3\">. <\/span><span data-path-to-node=\"4,5\"><span class=\"citation-2395\">Debt maturities within the year comprise THB166 billion in short-term loans and bills of exchange, THB6 billion in debentures, and THB27 billion in long-term loans<\/span><\/span><span data-path-to-node=\"4,7\">. <\/span><span data-path-to-node=\"4,9\"><span class=\"citation-2394\">The company plans to refinance a significant portion of its long-term loans and debentures through new debenture issuances, while short-term borrowings, primarily used for working capital, are expected to be rolled over<\/span><\/span><span data-path-to-node=\"4,11\">. <\/span><span data-path-to-node=\"4,13\"><span class=\"citation-2393\">Refinancing risk is materially mitigated by CPF&#8217;s strong repayment track record and access to capital markets<\/span><\/span><span data-path-to-node=\"4,15\">. <\/span><span data-path-to-node=\"4,17\"><span class=\"citation-2392\">Additional financial flexibility is provided by its marketable equity investments in CPALL and CPAXT, valued at approximately THB141 billion and THB15 billion, respectively, as of March 2026<\/span><\/span><span data-path-to-node=\"4,19\">.<\/span><\/p>\n<h2 data-path-to-node=\"5\">Financial Outlook and Performance Factors<\/h2>\n<p id=\"p-rc_b637f52359619eb2-454\" data-path-to-node=\"6\"><span data-path-to-node=\"6,1\"><span class=\"citation-2391\">CPF&#8217;s operating performance in the first quarter of 2026 aligned with expectations, despite weaker profitability resulting from subdued swine prices early in the year<\/span><\/span><span data-path-to-node=\"6,3\">. <\/span><span data-path-to-node=\"6,5\"><span class=\"citation-2390\">EBITDA declined by 23% year-on-year to THB16.8 billion, with the EBITDA margin narrowing to 12.2% from 15.0% in the same period of 2025<\/span><\/span><span data-path-to-node=\"6,7\">. <\/span><span data-path-to-node=\"6,9\"><span class=\"citation-2389\">Profitability is expected to recover gradually in the second half of the year, supported by an easing supply-demand imbalance, improving swine prices, and the ongoing restructuring of the aquaculture business<\/span><\/span><span data-path-to-node=\"6,11\">.<\/span><\/p>\n<p id=\"p-rc_b637f52359619eb2-455\" data-path-to-node=\"7\"><span data-path-to-node=\"7,1\"><span class=\"citation-2388\">The company&#8217;s leverage remained elevated, with adjusted debt rising to THB524 billion at the end of March 2026 from THB517 billion in 2025, pushing the debt-to-EBITDA ratio to 6.8 times from 6.3 times<\/span><\/span><span data-path-to-node=\"7,3\">. <\/span><span data-path-to-node=\"7,5\"><span class=\"citation-2387\">Leverage is likely to remain high over the medium term due to ongoing investment requirements, though a disciplined financial policy is expected to contain debt to EBITDA below 8 times on a sustained basis<\/span><\/span><span data-path-to-node=\"7,7\">. <\/span><span data-path-to-node=\"7,9\"><span class=\"citation-2386\">The &#8220;Stable&#8221; outlook reflects expectations that CPF will maintain its leading position in the agribusiness and food industry, with its diverse operations helping mitigate commodity price volatility and disease epidemics<\/span><\/span><span data-path-to-node=\"7,11\">.<\/span><\/p>\n<p data-path-to-node=\"8\">#TRISRating, #CPF, #Debentures, #CreditRating, #CorporateFinance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TRIS Rating has assigned a rating of &#8220;BBB+&#8221; to Charoen Pokphand Foods PLC&#8217;s (CPF) proposed issue of up to THB15 billion in subordinated capital debentures (hybrid debentures). At the same time, TRIS Rating affirmed the issuer credit rating on CPF&#8230; <\/p>\n","protected":false},"author":1,"featured_media":4871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1434],"tags":[1025,1624,5770,1622],"class_list":["post-4868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rating","tag-cpf","tag-credit-rating","tag-hybrid-debentures","tag-tris-rating"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BBB+ Rating Assigned to CPF Hybrid Debentures by TRIS<\/title>\n<meta name=\"description\" content=\"TRIS assigns BBB+ rating to CPF hybrid debentures. Learn about the rating rationale and implications for investors. 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