BTS Group and BTSC are rated “A” from TRIS Rating (TRIS) but revised the outlook to “negative” from “stable”. The negative outlook reflects the high probability of a significant rise in the Company’s financial leverage as a result of the potential investment in a new mass transit concession by Bangkok Mass Transit System PCL (BTSC), our subsidiary, which is subject to the cabinet approval.

On 7 October 2016, BTSC issued THB 22,000mn of senior unsecured debentures. The bonds were issued in four tranches due in 2019, 2021, 2023, and 2026 with an average coupon rate of 3.31%. The proceeds will mainly be used to purchase new rolling stocks and fund electrical and mechanical systems (E&M) for the Green Line North & South extensions.

On 26 December 2017, the Company issued THB 7,000mn of senior unsecured debentures. The debentures were issued in four tranches due in 2020, 2022, 2027, and 2029 with an average coupon rate of 3.17%. The proceeds will mainly be used for repayment of existing debts and/or investment and/ or financing the working capital of the Company.

On 7 September 2018, the Company issued THB 9,500mn of senior unsecured debentures. The debentures were issued in three tranches due in 2020, 2023 and 2028 with an average coupon rate of 3.38%. The proceeds will mainly be used for repayment of existing debts and/or investment and/or financing the working capital of the Company.

On 24 May 2019, the Company issued THB 13,000mn unsubordinated and unsecured Green Bond to institutional and high net worth investors. This Green Bond is the first Thai Green Bond issued under official SEC regulation which also meets the International Capital Market Association’s (ICMA) Green Bond Principles & ASEAN Green Bond Standards. The Green Bond was issued in 5 tranches due in 2021, 2022, 2024, 2026 and 2029 with an average coupon rate of 3.41%. The proceeds will be mainly used for debt repayment of Eligible Green Projects which are the Pink (Khae Rai to Min Buri; 34.5km, 30 stations) and Yellow (Lad Prao to Sam Rong; 30.4km, 23 stations) Lines.

On 6 Nov 2020, the Company issued the 2nd series of THB 8,600mn unsubordinated and unsecured Green Bond to institutional and high net worth investors. The Green Bond was issued in 5 tranches due in 2022, 2023, 2025, 2027 and 2030 with an average coupon rate of 2.72%. The proceeds will be used for investment and debt repayment of Eligible Green Projects which are the Pink and Yellow Lines. Both projects are electric monorail trains which play a massive role in the reduction of carbon emission and air pollution in Bangkok metropolitan area.

Issue Rating / Outlook
BTS Group A / Negative
BTSC A / Negative
BTSC Debenture: THB 22,000mn
Senior unsecured debenture
A / Negative
BTSG Debenture: THB 7,000mn
Senior unsecured debenture
A / Negative
BTSG Debenture: THB 9,500mn
Senior unsecured debenture
A / Negative
BTSG Green Bond: THB 13,000mn
Unsubordinated and unsecured Green Bond
A / Negative
BTSG Green Bond: THB 8,600mn
Unsubordinated and unsecured Green Bond
A / Negative