Corporate News
TNL Received a “BBB-” Credit Rating with a “Stable” Outlook from TRIS Rating, Underscoring a Strong Capital Position and Growth Potential in Financial Services Businesses
Bangkok, 30 March 2026 – THANULUX PUBLIC COMPANY LIMITED, or TNL, has been assigned a corporate credit rating of “BBB-” with a “Stable” outlook from TRIS Rating Co., Ltd. The investment-grade rating reflects the Company’s strong capital position, low level of leverage, adequate liquidity, prudent business approach, and growth potential in its financial services businesses.
TRIS Rating stated that TNL’s credit rating is underpinned by the Company’s strong capital position, low debt level, adequate liquidity, and diversified funding structure. In addition, the Company has strong major shareholders, namely Saha Pathana Inter-Holding Public Company Limited, or SPI, and BTS Group Holdings Public Company Limited, or BTSG, both of which maintain close collaboration with the Company and continue to provide strategic and financial support to reinforce TNL’s long-term growth prospects.
TNL’s business structure consists of four core businesses: secured lending business under Oxygen Asset (OXA), collateralised non-performing loans (NPLs) under Oxygen Asset Management (OAM), financial advisory business under Oxygen Advisory (OA), and real estate development business under TNL Alliance (TNLA). Together, these businesses create an integrated financial services ecosystem with multi-dimensional synergies and enhance the Company’s long-term income generation flexibility.
In the financial services segment, which is the Company’s core business, the secured lending business adopts a prudent lending policy with a strong emphasis on collateral quality and location, while maintaining an appropriate loan-to-value (LTV) framework to manage credit risk effectively. Over the past year, the Company significantly enhanced asset quality through close monitoring of the loan portfolio and accelerated resolution of higher-risk exposures to align with challenging economic conditions and market environment. For the distressed asset management business, the Company follows a prudent and selective investment approach, focusing on secured assets with long-term return potential, reflecting the Company’s strategy of business expansion alongside disciplined risk management.
In 2025, the Company recorded total revenue of THB 1,212 million and net profit of THB 415 million, reflecting efficient business portfolio management and disciplined cost control. Meanwhile, the total loan portfolio stood at THB 6,196 million under a prudent lending framework, which supports the Company’s asset quality over the long term.
Mr. Kittichai Treerachataphong, Chief Executive Director of THANULUX PUBLIC COMPANY LIMITED, stated:
“The Investment Grade credit rating from TRIS Rating reflects the Company’s strong financial position, as well as the management team’s commitment to conducting business with prudence, financial discipline, and systematic risk management. The Company will continue to advance the Company’s core businesses in parallel to achieve balanced and sustainable long-term growth.”
This credit rating also strengthens confidence among shareholders, investors, and financial institutions, while supporting the Company’s ability to access diversified funding sources at appropriate costs to accommodate future business expansion.
THANULUX PUBLIC COMPANY LIMITED remains firmly committed to conducting business under good corporate governance principles while driving the organization toward sustainable growth and continuously creating long-term value for all stakeholders.
