Tris Upgrades ‘Minor International’ Rating to ‘Positive’ on Robust Post-Pandemic Recovery

Minor International Public Company Limited (SET: MINT) is pleased to announce that TRIS Rating (TRIS) has revised the rating outlook on MINT to “positive” from “stable”. The outlook revision reflects TRIS’ expectation in MINT’s robust post-pandemic recovery, driven by strong earnings capabilities from solid hotel operations and a resilient restaurant business. Additionally, TRIS expects MINT to sustainably improve its financial metrics, maintain adequate liquidity over the next 12 months and gain greater operational flexibility despite periods of adverse operating conditions. These expectations are supported by anticipated earnings growth and a moderate capital expenditure plan, aligned with the company’s deleveraging target and strategic direction toward an asset-light model.

Simultaneously, TRIS has affirmed the company rating on MINT and its existing senior unsecured debentures at “A” and the rating on its subordinated capital debentures (hybrid debentures, MINT22PA and MINT23PA) at “BBB+”. MINT’s strong brand portfolio, significant global presence and declining financial leverage underpin TRIS’ affirmation of the ratings.

Chaiyapat Paitoon, CFO of Minor International, expressed delight at TRIS’ outlook revision on MINT, stating, “This is a great achievement following our focus on driving operational and financial performances while managing debt levels. Earlier, Fitch Ratings also upgraded Minor Hotels Europe & Americas’ ratings by two notches. MINT remains confident in our future performance, with our hotels continuing to excel due to strong demand in both leisure and business travel, especially in Europe and Asia. Our market-leading position, extensive coverage and scale and proactive marketing strategies will ensure thriving restaurant operations.” He added, “Furthermore, with our strengthened balance sheet, MINT is well-positioned to pursue our ambitious growth trajectory targets, ensuring long-term success and enhanced shareholder value.”