What TRIS Rating Co., Ltd. does

TRIS Rating Co., Ltd. is Thailand's first and leading domestic credit rating agency, with credit rating operations dating back to 1993. Originally established as Thai Rating and Information Services Co., Ltd., the credit rating business was spun off into a dedicated entity in 2002, and in June 2016 S&P Global Ratings acquired a 49% equity stake, with the remaining 51% held by TRIS Corporation Limited. The company is headquartered in Bangkok at 191 Silom Complex Building and operates with 33 employees serving 219 active rated issuers — comprising 162 corporate entities, 43 financial institutions, and 14 government-related entities — with cumulative rated debt exceeding THB 9 trillion since inception.

The core product is independent credit assessment using a national rating scale: long-term issuer and issue ratings on a nine-letter scale (AAA to D), short-term ratings (T1–T4, C, SD, D), insurer financial strength ratings, structured finance ratings with an '(sf)' modifier, and forward-looking rating outlooks. The six-to-eight week rating process involves analytical team assignment, information gathering, management meetings, rating committee deliberation, and ongoing credit monitoring. Supporting the core ratings, TRIS publishes rating criteria/methodologies, default statistics, rating transition rates, sector research (Data Center, Banking, Commercial Property, etc.), and regional economic research covering Thailand and neighboring ASEAN economies.

Revenue is generated primarily through professional services fees charged to obligors for initial ratings and ongoing monitoring, supplemented by subscription access to rating announcements and research, and a growing sustainability services line including Second-Party Opinion (SPO) assessments and Climate Bonds Initiative verification for green, social, sustainability, and sustainability-linked bonds and loans. The GTM motion is direct enterprise field sales to issuers, supplemented by thought-leadership events, research publications, and a website platform that distributes ratings and research to investors and market participants. Compliance with IOSCO Code of Conduct Fundamentals is fully implemented, and a structural firewall separates the analytical and commercial functions.

Name

TRIS Rating Co., Ltd.

Legal name

TRIS Rating Co., Ltd.

Website

https://trisrating.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

TRIS Rating is Thailand's first and leading domestic credit rating agency, providing independent credit assessments for corporates, financial institutions, government entities, and structured finance issuers, plus sustainability verification services for green and sustainability-linked debt instruments.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (56145)

akta.pro primary industry

Structured Finance Ratings & Surveillance (FSACACAI)

akta.pro secondary industries

ESG Data, Ratings & Climate Benchmarks (FSAFAIAI), Sustainable Finance & ESG Ratings/Benchmarking Support (EUAHAJAH)

Keywords

• Credit rating services
• Debt capital markets
• Structured finance ratings
• Sustainability finance advisory
• Insurer financial strength

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Credit Rating Services: Fees charged to rated entities (obligors) for credit rating services including initial ratings and ongoing monitoring. Rating process typically takes six to eight weeks to complete.
2. Service Subscription: Subscription-based access to TRIS Rating's website content including rating announcements, industry research, economic research, and email notifications for subscribers in capital/credit markets.
3. Sustainability Services: Second-Party Opinion (SPO) services for sustainable finance instruments and verification services under Climate Bonds Initiative standards.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

TRIS Rating Co., Ltd. is Thailand's first and leading domestic credit rating agency, providing independent credit ratings on corporate entities, financial institutions, insurers, government-related entities, and structured finance products. The company assigns ratings on a national rating scale (AAA to D), offers ongoing credit monitoring, and provides Second-Party Opinion (SPO) and Climate Bonds Initiative verification services for green, social, and sustainability-linked financial instruments.

Product overview

TRIS Rating Co., Ltd. operates as Thailand's primary credit rating agency, offering a comprehensive suite of credit assessment services built around its core credit rating product. The portfolio centers on long-term and short-term issuer and issue credit ratings across corporates, financial institutions, insurance companies, and structured finance products, utilizing a standardized letter-based scale from AAA to D. Supporting the core ratings are complementary services including Default Statistics and Rating Transition Rates, Rating Criteria/Methodologies, Industry Research, and Economic Research covering Thailand and regional economies. The company has expanded into sustainable finance with Second-Party Opinion (SPO) services and Climate Bonds Initiative verification services for green and sustainability-linked financial instruments. Additional offerings include Rating Announcements, CreditAlert notifications, a Rated Issuer Directory, and Events/Conferences for market education. All services operate through the company's website platform with registered user access.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Rating Services Independent credit ratings on Thai corporate entities, financial institutions, insurers, government-related entities, and structured finance products, assigned on a national rating scale (AAA to D). Offered to issuers and used by investors for due diligence in the Thai debt capital markets.
• Long-Term Issuer and Issue Credit Ratings Long-term credit ratings on Thai issuers and their debt instruments, providing an opinion on the ability and willingness to meet long-term financial commitments. Used by corporate issuers, financial institutions, and government-related entities in the Thai market.
• Short-Term Issuer and Issue Credit Ratings Short-term credit ratings focused on the ability to meet short-term financial commitments, primarily for commercial paper and other short-term debt issued by Thai corporates and financial institutions.
• Insurer Financial Strength Ratings Credit ratings on the financial strength of insurance companies operating in Thailand, supporting regulatory capital treatment, counterparty assessment, and policyholder confidence. Targeted at Thai insurance companies and their stakeholders.
• Structured Finance Ratings Credit ratings on structured finance transactions in Thailand, covering securitizations and other structured products. Used by issuers, originators, arrangers, and investors in Thai structured finance transactions.
• Second-Party Opinion (SPO) Services Independent Second-Party Opinion on the alignment of green, social, and sustainability-linked bond or loan frameworks with market principles, provided to Thai issuers and underwriters seeking credible external review of sustainability-linked instruments.
• Climate Bonds Initiative Verification Services Independent verification of green bonds against the Climate Bonds Initiative Standard, conducted by TRIS Rating acting as a Climate Bonds Initiative Approved Verifier, for Thai and regional issuers of green bonds.
• Industry Research Industry-focused research covering sectors relevant to Thai debt capital markets, supporting investors, issuers, and intermediaries with sector-level credit and market analysis.
• Economic Research Macroeconomic research on the Thai economy, providing macro context for credit and market analysis for investors, issuers, and other market participants.

Quantifiable outcome

• Rated approximately 600 entities with accumulated debt issues worth over THB 9 trillion by end of 2024

Named customers8 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• The Joint Graduate School of Energy and Environment (JGSEE)coreStrategic or Co-development PartnerTechnical partnership for Second-Party Opinion (SPO) services. JGSEE is a leading institution in environmental research that supports TRIS Rating's sustainability assessments and ensures alignment with internationally accepted scientific principles.
• Climate Bonds Initiative (CBI)coreStrategic or Co-development PartnerTRIS Rating is an Approved Verifier under the Climate Bonds Standard and Certification Scheme. Authorized by CBI to issue verification opinions for certification applications in accordance with the Climate Bonds Standard, enabling certification of green bonds and other debt instruments.
• Thai Bond Market AssociationminorOthersListed as a partner link on TRIS Rating website, representing collaboration with Thailand's fixed income market infrastructure.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Others

• Climate Bonds Initiative: CBI is an international organization that operates the Climate Bonds Standard and Certification Scheme under which TRIS Rating is an approved verifier. Comparable as an ecosystem partner rather than a competitor — they set the standard TRIS verifies against in its sustainability services.

Broad incumbents

• S&P Global Ratings: S&P Global Ratings is a leading global credit rating agency and TRIS Rating's 49% strategic shareholder. It competes with TRIS in Thailand while simultaneously providing methodology and standards support — making it both a partner and competitor in the same product category.
• Moody's Ratings: Moody's is one of the three global credit rating agencies and a direct competitor providing issuer and issue credit ratings across corporate, financial institution, sovereign, and structured finance segments. Comparable because Moody's competes with TRIS Rating for cross-border Thai issuers and TRIS's president previously worked at Moody's Investors Service.
• Fitch Ratings: Fitch Ratings is one of the three major global credit rating agencies and competes with TRIS Rating for Thai corporate, financial institution, and sovereign ratings. Comparable because Fitch serves the same issuer base as TRIS in Thailand and competes for international comparable ratings.

Regional players

• Philippine Rating Services Corporation (PhilRatings): PhilRatings is the Philippines' leading domestic credit rating agency providing issuer and issue credit ratings. Comparable as a regional peer with a similar nationally-focused rating business model in ASEAN.
• Korea Ratings Corporation: Korea Ratings is one of South Korea's leading domestic credit rating agencies providing corporate, financial institution, and structured finance ratings. Comparable as an Asia regional peer with a similar national-scale rating franchise model.
• RAM Rating Services Berhad: RAM is Malaysia's dominant domestic credit rating agency offering corporate, financial institution, and structured finance ratings. Comparable because RAM is a regional peer that operates a similar national-scale rating franchise in an ASEAN market, much like TRIS does in Thailand.
• Dagong Global Credit Rating Group: Dagong Global is a Chinese-origin international credit rating agency that has expanded into multiple Asian markets. Comparable as an emerging cross-border rating agency competing in Asian debt capital markets, similar in scope aspiration to TRIS's domestic-plus-regional footprint.
• Malaysia Rating Corporation Berhad (MARC): MARC is another leading Malaysian domestic credit rating agency providing issuer and issue ratings. It is a regional peer with a similar national-scale rating business model in ASEAN, comparable to TRIS Rating's positioning in Thailand.
• Pefindo (PT Pemeringkat Efek Indonesia): Pefindo is Indonesia's leading domestic credit rating agency offering corporate and structured finance ratings. Comparable as a regional peer operating a national-scale rating franchise in ASEAN, paralleling TRIS Rating's dominant position in Thailand.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tris-rating-co-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TRIS Rating Co., Ltd.