TRIS Rating affirms the company rating on Thai Union Group PLC (TU) and the ratings on TU?s senior unsecured debentures at ?A+?, and subordinated capital debentures (hybrid debentures) at ?A-?. The rating outlook remains ?stable?. At the same time, TRIS Rating assigns the rating of ?A+? to TU?s proposed issue of up to THB4 billion in senior unsecured debentures. The proceeds from the new debentures will be used to refinance the company?s outstanding debts and support working capital needs. The ratings still reflect TU?s strong market position as one of the world?s leading seafood processors, the diversity of its products and markets, the well-known brands of its products distributed in Europe and the United States (US), and barriers to market entry including fishing quotas, and high capital investment. However, the ratings are constrained by volatile raw material prices, the risk of disease outbreaks, trade barriers, fishing regulations, and fluctuations in foreign exchange rates.