Fitch Ratings has assigned Srisawad Capital 1969 Public Company Limited’s (SCAP, A-(tha)/Stable) upcoming Thai baht-denominated senior unsecured bonds a National Long-Term Rating of ‘A-(tha)’.
The company plans to issue the notes with tenors of up to five years and three months. The proceeds will be used to refinance existing debentures and/or support the company’s working capital.
Key Rating Drivers
The senior unsecured bonds are rated at the same level as SCAP’s National Long-Term Rating, as they represent the company’s unsubordinated and unsecured obligations.
SCAP’s National Long-Term Rating is underpinned by its group’s consolidated profile, driven by Srisawad Corporation Public Company Limited (SAWAD, A-(tha)/Stable), under Fitch’s group rating approach for non-bank financial institutions. Fitch views SCAP as a core group entity, given its provision of hire-purchase and unsecured consumer loans, as well as the significant integration with and contribution to the group.
For details on SCAP’s key rating drivers and sensitivities, please see Fitch Affirms Srisawad Group at ‘A-(tha)’; Outlook Stable, dated 21 January 2026.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade of SCAP’s National Long-Term Rating would result in a downgrade of the rating of the senior unsecured bonds.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of SCAP’s National Long-Term Rating would result in an upgrade of the rating of the senior unsecured bonds.
Date of Relevant Committee
20 January 2026
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.
Symbol: SCAP