The Thailand based TRIS Rating Co., Ltd., is the country's first credit rating agency established in 2002. Floated by the Thai Rating and Information Services Co., Ltd. (TRIS), the agency solely conducts credit rating business across Thailand. Recently, the agency has released its latest ratings. According to the release, the rating of the Thai Charoen Pokphand Foods PLC (CPF), Thailand's leading agro-industrial conglomerate, has significantly come down. Pointing out the factors leading to the downfall, the agency said, many factors including the outbreak of diseases, the shrimp antidumping case and the stricter regulations imposed by importing countries has negatively contributed to the slump in the ratings of the company. The Charoen Pokphand Foods Public Company Limited (CPF) specializes in animal

farming and manufacture of processed meat products. And in 2002 the company had earned total revenues of THB 75,147 million (US $1.8 billion) and a net profit of THB 2,609 (US $ 64) million. With livestock business that comprises of chicken, duck, swine and chicken egg, and aquaculture business, which comprises of shrimp and fish, the company has operations throughout Thailand. The products in each of these two business lines could be classified into three categories - animal feed, animal breeder, and meat and food products. The release has said that the ratings of CPF and its Bt7,000 million (US $172 million)senior debentures has been downgraded from "A+" to "A". Divulging into the details, the release has said that the outbreak of avian influenza in the first quarter of 2004, had significant impacts in the decline of domestic and international consumption of poultry. And while the EU and Japan had banned the import of frozen chicken from Thailand, processed products were allowed to be imported. The release has said that with the focus now shifted to processed products by the chicken exporters, the company would thrive well given the lack of similar production capacity by its competitors. Among other important factors cited by the release is the recent U.S. anti-dumping lawsuit against the Thai shrimp exporters, which had negatively affected the company's performance. The release has said that the duty has discouraged the farmers from shrimp farming leading to a low demand for shrimp feed. The TRIS also noted that the stricter health regulations and other forms of trade barriers such as quotas by the importing countries had considerably affected CPF and all other companies competing in the global marketplace.