Thailand's Gulf Development Public Company Limited (GULF) has achieved a significant financial milestone by securing an 'A' corporate credit rating with a 'stable' outlook from the Japan Credit Rating Agency (JCR). This prestigious rating, announced on November 14, 2025, places the conglomerate on equal footing with Thailand's sovereign credit rating.
Strategic Expansion Drives Financial Strength
The 'A' rating reflects GULF's robust business potential and solid financial position following its strategic merger with Intouch Holdings Public Company Limited (INTUCH) in April 2025. This merger significantly expanded GULF's portfolio into telecommunications, media, and digital sectors, including a controlling stake in AIS, Thailand's largest mobile operator.
Mr. Sarath Ratanavadi, Chief Executive Officer of GULF, emphasized that this achievement marks a significant milestone that demonstrates investor and financial institution confidence in the Gulf Group's stability and potential. "This achievement will enhance our international credibility and increase opportunities to expand our foreign investor base," Ratanavadi stated.
Global Recognition and Market Position
Japan Credit Rating Agency is a leading credit rating institution accredited by Japan's Financial Services Agency and holds over 60% market share of domestic issuer ratings in Japan. JCR is uniquely positioned as the only Japanese credit rating institution registered in the United States, the European Union, and the United Kingdom, making its ratings broadly accepted in international financial markets.
GULF's diversified business structure spans energy, infrastructure, telecommunications, satellite, and digital sectors, which collectively generate stable cash flow and effectively diversify revenue risks. The company maintains a strong presence in power generation with projects across Thailand, Vietnam, Laos, Oman, Germany, the UK, and the USA.
Commitment to Sustainable Development
GULF has demonstrated strong commitment to environmental stewardship through its ambitious decarbonization targets. The company aims to achieve a 25% reduction in Scope 1 carbon intensity by 2030 and has committed to reaching Net Zero for Scope 1 and Scope 2 Greenhouse Gas emissions by 2050.
Notably, GULF maintains a 'No Coal Policy' and plans to increase renewable energy to 40% of total electricity generation capacity by 2035. This strategic focus on sustainable development complements the company's expansion into data centers and digital businesses following the INTUCH merger.
The credit rating enhancement positions GULF for continued growth and international business expansion while supporting Thailand's economic development through reliable energy resources and digital infrastructure advancement.
