Fitch Ratings has assigned a National Rating of ‘AAA(tha)’ to Export-Import Bank of Thailand’s (EXIM, AAA(tha)/Stable) upcoming senior unsecured bonds to be issued under its existing senior unsecured medium-term note (MTN) programme rated ‘AAA(tha)’.
The upcoming bonds will be issued in multiple tranches with maturities of up to 10 years and a total amount of up to THB7 billion. EXIM plans to use the proceeds for general corporate purposes.
Key Rating Drivers
The baht-denominated bonds are rated at the same level as EXIM’s National Long-Term Rating, as they represent EXIM’s unsubordinated and unsecured obligations. This is in line with Fitch’s Bank Rating Criteria and the rating approach for the bank’s existing senior baht bonds.
EXIM’s National Ratings reflect Fitch’s view of a high probability of extraordinary support for the bank from the Thai government, if needed. EXIM, a state policy bank established under specific legislation, is wholly owned by the Thai Ministry of Finance, which governs the bank’s management and strategy.
For further details on EXIM’s key rating drivers and sensitivities of National Rating, please refer to the rating action commentary “Fitch Affirms Thailand’s EXIM at ‘BBB+’; Outlook Stable”, dated 12 September 2025.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The rating on EXIM’s senior bonds would be downgraded if its National Long-Term Rating were to be downgraded.
The bank’s National Ratings could face downward pressure if Fitch assesses a decline in the state’s propensity to support the bank. This could be triggered by a significant reduction in government ownership, weaker state linkages, or if the bank ceases to be a policy bank. However, Fitch does not expect a reduction in the state’s propensity to support the bank in the medium term.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
There is no upside to the national rating on the senior debt, which is already at the highest level on the scale.
Date of Relevant Committee
11 September 2025
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.
Public Ratings with Credit Linkage to other ratings
EXIM’s ratings are linked to Thailand’s sovereign ratings (BBB+/Negative).
Additional information is available on www.fitchratings.com