Fitch Ratings (Thailand) has assigned UOB Capital Services Company Limited’s (UOBCAP; AAA(tha)/Stable) upcoming issue of Thai baht-denominated senior unsecured debentures a National Long-Term Rating of ‘AAA(tha)’.
The proceeds will be used for refinancing maturing debt.
Key Rating Drivers
The senior unsecured debentures are rated at the same level as UOBCAP’s National Long-Term Rating, as they represent the company’s unsecured and unsubordinated obligations.
UOBCAP’s ratings are driven by Fitch’s assessment of a very high probability of extraordinary support from its parent, United Overseas Bank (Thai) Public Company Limited (UOBT; A-/Negative, AAA(tha)/Stable). UOBT’s ratings are in turn underpinned by the Singapore-based parent, United Overseas Bank Limited (UOB; AA-/Stable).
UOBCAP’s National Rating also takes into account the company’s credit profile relative to other entities on the Thai National Rating scale and reflects Fitch’s lowest expectation of default risk compared with all other issuers or obligations in the country.
For details on UOBCAP’s key rating drivers and sensitivities, please see Fitch Affirms UOB Capital Services in Thailand at ‘AAA(tha)’; Outlook Stable, published on 11 August 2026.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade of UOBCAP’s National Long-Term Rating would lead to similar action on the senior debt rating. The company’s rating is sensitive to any decline in the parent bank’s ability or propensity to provide extraordinary support to its subsidiary.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The senior debt rating has no upside, as it is at the highest level on the National Rating scale.
Date of Relevant Committee
10 August 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.
Public Ratings with Credit Linkage to other ratings
UOBCAP’s ratings are linked to UOBT’s credit profile.