1. The rating process, which takes approximately 6-8 weeks, begins after a company has signed a contract with TRIS Rating and has provided TRIS Rating with all the information requested in the list of preliminary information.

TRIS Rating assigns a team of analysts, which will typically comprise a rating manager, a lead analyst, a support analyst, and a researcher, to perform the analysis. The lead analyst is responsible for managing all correspondence with the company, and for analyzing all information received. In a complex or large cases, additional support analysts may be added to support the analysis.

In addition to the information received from the company, TRIS Rating compiles information from reliable sources and may meet with experts in the industry or from relevant public and private sector entities for supplementary input.

After TRIS Rating analysts have collected the information they need, the team visits the company's operational site and meets with the management of each major department. Before assigning the rating, TRIS Rating's President and TRIS Rating analyst team will have a meeting with the company's top executives (Management Meeting) to discuss their company's strategies and policies, and also meet with the company's Audit Committee (if any) to evaluate the transparency of the company's operations.

2. The lead analyst for the case prepares a detailed report on the company. The lead analyst also discusses the case with TRIS Rating's analytical team to assess the company's business profile by using information collected according to TRIS Rating's Rating Analysis Methodology Profile (RAMP), which has been developed to compare the risks among rated companies. TRIS Rating reviews the company's industry, business and financial risks, as well as the company's projections. In analyzing the company's financial data, TRIS Rating uses financial data collected from all listed companies on the Stock Exchange of Thailand (SET) as a standard of comparison.

3. The lead analyst then submits its analysis to the Rating Committee of TRIS Rating, which comprises TRIS Rating's President, the management team, and the lead analyst. In the rating committee meetings, all participants receive in depth analytical reports.

The Rating Committee mainly focuses on the company's key success and risk factors combined with additional information essential for rating consideration. After the lead analyst's presentation, the Rating Committee discusses all aspects of the company, and the company's profile will be compared to RAMPs of other companies that have already received ratings. Assigning of the rating is the result of a vote, with each committee member allowed one vote. A majority vote decides the rating.

4. TRIS Rating informs the company's top executive of the rating result and provides the company with a full analytical report. The company then has four choices: 1) to accept the rating and make it public, 2) to accept the rating and keep it private, 3) to reject the rating and seek an appeal, or 4) to withdraw the rating contract.

In the case of an appeal, the company is asked to provide additional information. The lead analyst will analyze all information relevant to the case and may discuss the information further with the company's executives. The lead analyst will then resubmit the case, with the new information, to the Rating Committee for its consideration. The result of the appeal will then be reported to the company. A company can appeal only once, and only for the first credit rating.

5. In case the company accepts the rating and agrees to announce the rating to the public, the formal announcements are made on TRIS's Website and Newscenter. TRIS Rating will also send press release to newspapers, TV and radio stations, and online news agencies. Formal credit reports (Credit News) will also be provided to the company. In case the company accepts the rating but wants to keep the rating private, TRIS Rating will keep the rating confidential.

6. After the rating result has been accepted, the monitoring process begins and continues until the rating contract ends. TRIS Rating reviews ratings annually, for as long as the company renews the rating contract. During this time, TRIS Rating can, if necessary, notify the public of developments by issuing two types of announcements: (1) CreditAlert: a warning when business conditions change or when significant events have occurred that may affect the current rating, but not to the extent that would warrant a change of the current rating. The announced rating will be either "Positive", "Negative", or "Developing" and (2) CreditUpdate: a review of the current rating, which occurs when the company issues a new debt instrument, if significant events have taken place that impact its current rating, or the current rating is cancelled. The announced rating will be either "Upgraded", "Downgraded", "Affirmed", or "Cancelled".

Diagram of Rating Process