Tidlor Holdings Public Company Limited (“Tidlor Holdings” or “TIDLOR”) announced that on May 22, 2025, Tidlor Holdings was assigned “A+/Stable” credit rating by TRIS Rating Co., Ltd., reflecting the robust results of its corporate restructuring into a holding company. Additionally, Ngern Tid Lor Public Company Limited (“NTL”) was also upgraded from “A” to “A+/Stable”, for both its corporate credit rating and its senior unsecured debenture rating, owing to strong performance and sustained business growth. This achievement underscores the solid fundamentals and ongoing business and financial support from Bank of Ayudhya PLC. In 2024, Tidlor Holdings recorded an all-time high net profit with diversified income streams from both its lending and insurance brokerage businesses. Asset quality and risk management remained strong, with an effective control of its NPL ratio, while the NPL coverage ratio stayed at a healthy level.
Despite the current economic softness, both Tidlor Holdings and NTL secured the A+ rating, reinforcing their commitment to corporate governance, transparency, and credibility. An A+ credit rating remains within the “Investment Grade” category, indicating low risk, strong debt servicing capability, and stable returns—ideal for investors seeking reliability. Additionally, the A+ rating also enhances access to low-cost funding and favorable financing conditions compared to lower-rated firms. Notably, this rating is the highest among companies in the same industry, and even surpasses that of some small-sized banks and the BBB+ sovereign rating of Thailand (as affirmed by S&P Global Ratings).
Tidlor Holdings and NTL received a credit rating of “A+/Stable” from TRIS Rating is also considered another good news for the company. Previously, the company successfully completed a tender offer, inviting shareholders to swap their shares for those of Tidlor Holdings, with an impressive participation rate of 99.4%. Around the same time, NTL also issued 5,000 million baht in debentures to institutional investors, which received an overwhelming response, with subscription volume exceeding the offering target by 3.6 times. In Q1/2025, NTL also achieved a new record high net profit of 1,218 million baht, an increase of 10.3% YoY, while some competitors faced challenges with declining revenue and profits.
Additionally, in Q1/2025, NTL was able to expand its loan customer base by 10% YoY, while total loan portfolio grew by approximately 5% YoY, reflecting the company’s ability to expand its customer base, while continuing to emphasize prudent loan approvals, which supports the company maintain good loan quality. Combined with a strong capital base, this enables the company to drive quality long-term growth in its lending business.
Mr. Piyasak Ukritnukun, Managing Director, stated, “In the current fragile and uncertain economic environment, most investors seek confidence in partnering with the companies that demonstrate strong potential. The A+/Stable credit rating for both Tidlor Holdings and NTL reflects the value we have consistently delivered through quality-driven business operations. It also underscores our commitment to prudent capital management, ensuring that shareholders and employees alike can feel confident and proud to be part of Tidlor Holdings and its group. Our mission remains to expand access to financial services, promote insurance protection, and deliver long-term value to our shareholders.”
For more details on the credit rating, visit: www.trisrating.com
For investor relations and updates, visit: www.tidlorinvestor.com