Japan Credit Rating Agency Upgrades Thai Union Foreign Currency Issuer Credit Rating to A with a Stable Outlook

BANGKOK, April 1, 2024 -- Thai Union Group PCL, the world’s seafood leader, has had its foreign currency issuer credit rating raised from A- to A with a stable outlook by the Japan Credit Rating Agency, Ltd. (JCR), driven by the Company’s growth potential and global diversification. This foreign currency issuer credit rating is the same level as the sovereign credit rating of Thailand from JCR. The local currency long-term issuer credit rating by JCR was also assigned at A with a stable outlook.

JCR said Thai Union’s rating was supported by its strong brand power including Chicken of the Sea in the U.S. and John West and Petit Navire in Europe, along with its high earnings stability that is supported by its global production, procurement, and marketing capabilities. JCR said Thai Union’s decision to pursue an exit of its minority investment in Red Lobster had eliminated the risk of additional capital burden.

JCR said Thai Union’s strength was also in its global footprint, stretching from Asia to Europe and the U.S., while having processing bases in 14 countries including Thailand, the U.S., France, Seychelles, Poland, and Vietnam ensures a competitive global procurement capability.

“While Thai Union has had to manage through some significant challenges including destocking and rising inflation in many markets around the world, I’m proud that we have continued to demonstrate enormous resilience and are positioned for strong growth,” said Thiraphong Chansiri, CEO at Thai Union Group. “I am grateful and proud that the Japan Credit Rating Agency has further reaffirmed its confidence in Thai Union, particularly a positive long-term outlook for our business.”

To drive long-term growth, Thai Union has also announced its Strategy 2030, which is underpinned by a purpose of “Healthy Living, Healthy Oceans” that will help deliver a sustainable and healthier future for humans, pets and the planet. Thai Union Group aims to lead the global marine industry while driving superior shareholder returns, building a diversified marine-focused portfolio beyond seafood, with a commitment to shape the future of nutrition for humans and pets.

In 2023, Thai Union announced the closure of a THB 11,485 million Sustainability-Linked financing package, marking the commencement of the second phase of Thai Union’s Blue Finance agenda, with a target of increasing sustainability-linked finance to 75 percent of their long-term financing by 2025. The SLL is denominated in both Thai baht (THB) and U.S. dollars (USD) across tenors of three and five years and demonstrates that its commitment to sustainability has enabled access to sustainable finance, which is related to projects that benefit the planet’s oceans.

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About Thai Union

Thai Union Group PCL is the world's seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for 47 years.

Today, Thai Union is regarded as one of the world's leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 136.2 billion (US$ 3,912 billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.

The Company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, Hawesta, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ®BONE, UniQ®DHA and ZEAvita.

With a commitment to “Healthy Living, Healthy Oceans,” Thai Union is proud to be a member of the United Nations Global Compact, a founding participating company of the International Seafood Sustainability Foundation (ISSF), and current Chair of Seafood Business for Ocean Stewardship (SeaBOS).

Thai Union's ongoing leadership in sustainability has been taken to the next level with the announcement of SeaChange® 2030, the Company’s expanded sustainability strategy with more ambitious goals for people and planet. Through SeaChange®, the Company was recognized and listed on the Dow Jones Sustainability Indices (DJSI) for the 10th consecutive year in 2023, ranked number one on the Seafood Stewardship Index (SSI) for the third consecutive time, listed in the S&P Global Sustainability Yearbook 2024, achieved a B rating from global environmental disclosure non-profit CDP, and was also named to the FTSE4Good Emerging Index for the eighth straight year in 2023. Find out more about the Group’s sustainability strategy at seachangesustainability.org.

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