Japanese Credit Rating Agency Elevates Thai Union's Foreign Currency Issuer Credit Rating to A, Assigning a Stable Outlook

BANGKOK – On April 1, 2024, Thai Union Group PCL, a leading global seafood company, received an upgrade in its foreign currency issuer credit rating from A- to A with a stable outlook by the Japan Credit Rating Agency, Ltd. (JCR). This upgrade reflects the company's strong growth prospects and its extensive global diversification. The upgraded rating aligns with Thailand's sovereign credit rating by JCR. Additionally, Thai Union was assigned a local currency long-term issuer credit rating of A with a stable outlook by JCR. The agency highlighted Thai Union's robust brand presence, including Chicken of the Sea in the U.S. and John West and Petit Navire in Europe, and its stable earnings, bolstered by its worldwide production, procurement, and marketing strategies. JCR also noted the company's strategic move to divest its minority stake in Red Lobster, mitigating potential capital risks. Thai Union's global presence, with processing facilities in 14 countries, including Thailand, the U.S., France, Seychelles, Poland, and Vietnam, was recognized as a key strength, enhancing its competitive edge in global procurement. Thiraphong Chansiri, CEO of Thai Union Group, expressed pride in the company's resilience and growth potential amidst challenges such as destocking and inflation. He appreciated JCR's renewed confidence in Thai Union and its positive outlook on the company's future. In line with its vision for long-term growth, Thai Union unveiled its Strategy 2030, focusing on "Healthy Living, Healthy Oceans" to promote a sustainable and healthier future for people, pets, and the planet. The company aims to lead the global marine industry, driving shareholder returns and diversifying its marine-focused portfolio beyond seafood. In 2023, Thai Union launched a THB 11,485 million Sustainability-Linked financing package, marking a significant step in its Blue Finance agenda. This initiative aims to increase the proportion of sustainability-linked finance to 75 percent of its long-term financing by 2025, demonstrating its commitment to sustainability and ocean conservation. About Thai Union: For 47 years, Thai Union Group PCL has been at the forefront of the global seafood industry, offering high-quality, nutritious, and innovative seafood products worldwide. With annual sales surpassing THB 136.2 billion (approximately US$ 3.912 billion) and a dedicated global workforce of over 44,000, Thai Union is recognized as a leading seafood producer. The company's portfolio includes well-known international and Thai brands, alongside a range of ingredient and supplement brands. Committed to "Healthy Living, Healthy Oceans," Thai Union actively participates in global sustainability initiatives and has been acknowledged for its sustainability efforts, including its comprehensive SeaChange® 2030 strategy. For more information on Thai Union's sustainability initiatives, visit seachangesustainability.org.