GULF Achieves Global Standing with "A" Credit Rating and "Stable" Outlook from Japan Credit Rating Agency

Reflecting Financial Strength and Growth Strategy

BANGKOK, Nov. 14, 2025 /PRNewswire/ -- Gulf Development Public Company Limited (GULF), Thailand's leading conglomerate, has been assigned an "A" corporate credit rating with a "stable" outlook by Japan Credit Rating Agency (JCR). This rating is equivalent to Thailand's sovereign credit rating, reflecting GULF's strong business potential and solid financial position. Gulf Group has a diversified business structure covering energy, infrastructure, telecommunications, satellite, and digital sectors, which effectively generates stable cash flow and effectively diversifies revenue risks, particularly following the merger with Intouch Holdings Public Company Limited (INTUCH), a leading Thai investment company in the telecommunications, media, and digital sectors, most notably holding a controlling stake in AIS, Thailand's largest mobile operator.

Mr. Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited (GULF), stated, "Receiving the 'A' corporate credit rating from JCR marks another significant milestone that reflects the confidence of investors and financial institutions in the potential and stability of the Gulf Group. This achievement will enhance our international credibility and increase opportunities to expand our foreign investor base, supporting the Company's continuous growth and business expansion in the future."

Japan Credit Rating Agency (JCR) is a leading credit rating agency in Japan, accredited by Japan's Financial Services Agency (FSA). It is widely recognized in global financial markets and holds over 60% market share of domestic issuer ratings in Japan. Furthermore, JCR is the only Japanese credit rating institution registered in the United States, the European Union, and the United Kingdom, making its credit ratings broadly accepted internationally.

About GULF

Gulf Development Public Company Limited (GULF) is a leading conglomerate listed on the Stock Exchange of Thailand (SET), with a core focus on Energy, Large-Scale Infrastructure, Telecom and Satellites, and Digital businesses. Recognized for its prominence in power generation, GULF has successfully developed and managed a diverse portfolio of conventional and renewable energy projects across Thailand, Vietnam, Laos, Oman, Germany, the UK, and the USA.

Following the strategic amalgamation with INTUCH in April 2025, GULF significantly expanded its scope into the Digital and Telecommunications sector, including its ventures into data centers and digital businesses. GULF continues to leverage its extensive expertise and operational excellence to ensure resource reliability, promote safe energy transition, underscoring its commitment towards sustainable development and environmental stewardship.

GULF is committed to the global energy transition with ambitious targets for decarbonization. The company aims to achieve a 25% reduction in Scope 1 carbon intensity by 2030 and is committed to reaching Net Zero for Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions by 2050. Furthermore, GULF maintains a 'No Coal Policy' and is increasing the proportion of renewable energy within the company's portfolio to 40% of total electricity generation capacity 2035

For more information about GULF, please visit the company's website: https://www.gulf.co.th/en/home
Investor Resource Center: https://investor.gulf.co.th/en/resource-center

SOURCE Gulf Development Public Company Limited (GULF)