Thai Airways International Public Company Limited (THAI) confirmed that its Transformation Plan will lead to improvement in the Company's operating results.

Mr. Narongchai Wongthanavimok, THAI Executive Vice President, Finance and Accounting, said that TRIS Rating downgraded the ratings of THAI's existing unsecured debentures from A+ with negative outlook to A with stable outlook due mainly to net loss in the past several years (since 2011) and rising leverage. The Company has strictly adhered and followed the Transformation Plan which was approved by the State Enterprise Policy Committee (SEPO) since early 2015. Hence, the nine-month 2015 operating results shown improvement from that of 2014 but adversely impacted by special one-off expenses including impairment of decommissioned aircraft and Mutual Separation Programme - both of which were accordance with the Transformation Plan. Whilst the rating downgrade could impact the funding especially in terms of cost of funds, the Company fortunately has acquired sufficient funding for 2016 operations. The Company remains confident that by following the Transformation Plan, its operating results will improve accordingly which definitely will help turnaround the Company.

Thai Airways International pcl issued this content on 19 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 January 2016 08:15:10 UTC

Original Document: http://social.thaiairways.com/thai-transformation-plan-to-build-long-term-sustainable-strength/