Fitch is withdrawing the ratings as DTAC no longer exists after a merger with True Corporation Public Company Limited. Accordingly, Fitch will no longer provide ratings or analytical coverage for DTAC.
DTAC's ratings were previously on Rating Watch Negative, reflecting Fitch's view that the credit profile of the merged entity is likely to be weaker than that of pre-merger DTAC. The Rating Watch Negative could not be resolved prior to the withdrawal as the entity no longer exists.
KEY RATING DRIVERS
Key rating drivers do not apply as the ratings have been withdrawn.
RATING SENSITIVITIES
Not applicable as the ratings have been withdrawn.
ISSUER PROFILE
DTAC was the third-largest cellular phone operator in Thailand before the merger, with around 22% service revenue market share. On 1 March 2023, DTAC was merged with the second-largest telecom operator, True, and the new entity - True Corporation Public Company Limited - was established to assume all the assets and liabilities of DTAC and True.
DATE OF RELEVANT COMMITTEE
02 December 2022
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Additional information is available on www.fitchratings.com
Source: Fitch Ratings