Charoen Pokphand Foods Plc: TRIS Rating upgrade and issue rating AA- from A+
TRIS Rating upgrade the company and issue rating of Charoen Pokphand Foods Plc. to "AA-" from "A+" to reflect CPF's strategic shift towards food business, overseas expansion effort and strengthened operating performance, reports www.megafishnet.com with reference to CPF.
The ratings also reflect CPF's leading position in the Thai agribusiness and food industry, its product and market diversification, increasing penetration into food segment with CP brand products, and reduced costs through operational improvement.
Mr. Adirek Sripratak, President and Chief Executive Officer of CPF, said the rating upgrade reflecting the continuous improvement of CPF's operation of which resulted in continuous improvement of its operating results and financial position. The rating upgrade will also positively impact CPF's capital raising in the future by enable CPF to issue bond at a better coupon rate.
For long-term business plan, CPF will continue emphasizes on efficiency improvement, human resources development, together with risk management to maintain its leading position in the Thai agribusiness and food industry and increase its competitiveness in the world market. With the aforementioned policy and plan, CPF foresees a satisfactory performance and growth in 2011, quoted Mr. Adirek.