Gulf Development receives ‘A’ credit rating from Japanese credit rating agency
Gulf Development receives an 'A' credit rating from Japan's JCR, reflecting its strong business operations and financial stability, with a focus on clean energy and infrastructure.
The Japan Credit Rating Agency (JCR) has recently awarded Gulf Development, a leading Thai firm, an 'A' corporate credit rating with a stable outlook.
This rating matches Thailand’s sovereign credit rating, highlighting Gulf’s strong financial position and business potential, with diversified ventures across clean energy, infrastructure, telecommunications, satellite, and digital sectors.
In 2024, the company generated total revenue of 124.62 billion baht, with revenue breakdown by business unit as follows: natural gas power generation (111 billion baht), infrastructure and utilities (3.61 billion baht), renewable energy (3.09 billion baht), satellite business (2.41 billion baht), management fees (758 million baht), and other income (3.73 billion baht).
The company generates stable cash flow and has effectively mitigated revenue risks, particularly after its merger with Intouch Holdings in April 2025.
"The receipt of an 'A' corporate credit rating from JCR is another key milestone, reflecting investor and financial institution confidence in our company’s capabilities and stability,” said Sarath Ratanavadi, CEO of Gulf.
“This will strengthen our global credibility and increase opportunities to attract international investors, supporting our continuous growth and business expansion in the future," he concluded.
JCR is a prominent Japanese credit rating agency accredited by Japan's Financial Services Agency (FSA). It holds a dominant market share of over 60% in Japan and is the only Japanese rating agency registered in the United States, the European Union, and the United Kingdom, making its ratings widely recognised in international financial markets.
