Minor International Public Company Limited (“MINT”) is pleased to announce that TRIS Rating (“TRIS”) has revised MINT’s rating outlook from “stable” to “negative”. The revised outlook reflects TRIS’s easing concerns about the impact of COVID-19 and expectations of a strong recovery in MINT’s operating results over the coming quarters given the lifting of related travel restrictions. to the pandemic and the gradual return to social and economic normality in the world. TRIS expects MINT to steadily improve its credit metrics and have adequate liquidity over the next 12 months despite pressure from macroeconomic uncertainty, supported by a firmer operational recovery.

TRIS has affirmed the Company’s rating on MINT and its existing senior unsecured debentures at “A” and the rating on its subordinated perpetual debentures (Hybrid Debentures, MINT18PA) at “BBB+”. MINT’s strong business fundamentals, stemming from a solid brand portfolio, geographical diversification and declining financial leverage, supported the rating affirmation by TRIS.

“We are delighted with the revised rating outlook for TRIS on MINT,” commented Chaiyapat Paitoon, Chief Financial Officer of Minor International. “Previously, Fitch Ratings also upgraded NH Hotel Group’s rating and outlook. Strong pent-up leisure travel demand and the return of business travel demand have driven hotel performance in our key regions, including Europe, the Maldives and Australia, to already reach the level of before the pandemic. The operating environment for food businesses in Thailand and Australia has improved with normalization of opening hours and dine-in capacity, while we expect a V-shaped sales recovery in China once the closures completed,

“Furthermore, our balance sheet has been strengthened with the leverage ratio reduced to well below the debt threshold, but with a debt waiver until the end of 2022. MINT’s liquidity position also remains healthy with a abundant cash, working capital facilities and operating cash flow linked to the promising recovery of commercial activity.