BAFS Maintains Strong Financial Rating as Fitch Ratings Confirms 'BBB(tha)' Credit Rating

Bangkok Aviation Fuel Services Public Company Limited (BAFS) has received confirmation from Fitch Ratings that its domestic financial strength rating remains at 'BBB(tha)', with a stable credit outlook reflecting solid financial position, strong risk management capability, and potential for sustainable long-term growth, according to BAFS President Maj. Gen. Natsit Discul.

Fitch's confirmation was supported by BAFS's strong market position in aircraft fuel services, operating fuel storage facilities, pipeline distribution networks, and fueling services at Thailand's two primary airports. The company has also secured contract renewals for aircraft fueling services at regional airports including Samui, Sukhothai, and Trat, demonstrating market confidence in its financial strength and comprehensive fuel service capabilities.

Fitch Ratings forecasts that BAFS will achieve positive net cash flow starting in 2026 as capital expenditures decline following substantial completion of the northern pipeline extension project (Phase 3: Ang Thong-Saraburi), with flexibility to defer non-essential investments.

The company's moderate profit growth is expected to gradually reduce debt ratios. While geopolitical factors continue to pressure overall aircraft fueling volumes, airline schedule and route adjustments have extended flight times, partially offsetting declines in direct flights.

Aircraft fueling is a technically specialized business, and BAFS's operational experience combined with its existing pipeline infrastructure positions it as a strong competitor in aviation fuel services. The credit rating reflects the company's solid financial foundation, disciplined risk management balanced with quality business growth, and commitment to sustainable development.