Fitch Ratings

Fitch Ratings (Thailand) has affirmed Bank of China (Thai) Public Company Limited’s (BOCT) National Long-Term Rating at ‘AAA(tha)’ and National Short-Term Rating at ‘F1+(tha)’. The Outlook is Stable. KEY RATING DRIVERSParent’s Support Underpins Rating: BOCT’s ratings are based on shareholder support from its parent, Bank of China (Hong Kong) Limited (BOCHK; A/Stable/a). Fitch believes there […]

Fitch Ratings has affirmed the National Long-Term Rating of Sumitomo Mitsui Trust Bank (Thai) Public Company Limited (SMTBT) at ‘AAA(tha)’. The Outlook is Stable. Fitch has also affirmed the bank’s National Short-Term Rating at ‘F1+(tha)’. KEY RATING DRIVERSShareholder Support Drives Ratings: SMTBT’s ratings reflect Fitch’s view of a high probability of extraordinary support from its […]

Fitch Ratings has affirmed CIMB Thai Bank Public Company Limited’s (CIMBT) National Long-Term Rating at ‘AA-(tha)’. The Outlook is Stable. Fitch has also affirmed the bank’s National Short-Term Rating at ‘F1+(tha)’ and medium-term note (MTN) programme at ‘AA-(tha)’ and ‘F1+(tha)’. KEY RATING DRIVERSParental Support Driven: CIMBT’s National Ratings are based on Fitch’s belief…

Fitch Ratings (Thailand) has affirmed the National Long-Term Rating of ICBC (Thai) Leasing Company Limited (ICBCTL) at ‘AAA(tha)’ and National Short-Term Rating at ‘F1+(tha)’. The Outlook is Stable. KEY RATING DRIVERSCore Subsidiary of Parent Bank: ICBCTL’s ratings are equalised with those of its parent, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; […]

Fitch Ratings (Thailand) has assigned Bank of Ayudhya Public Company Limited’s (BAY; AAA(tha)/Stable) upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures a rating of ‘AA(tha)’. KEY RATING DRIVERSThe subordinated debentures are rated two notches below BAY’s National Long-Term Rating to reflect higher loss-severity risk relative to senior unsecured notes. The notes do not […]

Fitch Ratings (Thailand) has affirmed Industrial and Commercial Bank of China (Thai) Public Company Limited’s (ICBCT) National Long-Term Rating at ‘AAA(tha)’ and National Short-Term Rating at ‘F1+(tha)’. The Outlook is Stable. KEY RATING DRIVERSShareholder Support Drives Rating: ICBCT’s ratings reflect our view of a ‘Very High’ probability that the bank would receive extraordinary support from…

Fitch Ratings (Thailand) has affirmed Thai Oil Public Company Limited’s (TOP) National Long-Term Rating and senior unsecured rating at ‘A+(tha)’. The Outlook remains Negative. Fitch has also affirmed TOP’s National Short-Term Rating at ‘F1(tha)’. The Negative Outlook reflects risks to the company’s deleveraging because the completion of its clean-fuel project (CFP) has been delayed to […]

Rising leverage has put pressure on the credit profile of the rated Thai conglomerate The Siam Cement Public Company Limited (SCC, A+(tha)/Negative), Fitch Rating says in a report. The risks to deleveraging are reflected in the Negative Outlook on the rating. SCC’s net debt/EBITDA reached 3.8x by end-June 2022 (2.7x at end-2021), driven by capex […]

Fitch Ratings has assigned SCB X Public Company Limited (SCBX) a Long-Term Issuer Default Rating (IDR) of ‘BBB’. The Outlook is Stable. Fitch has also assigned a Viability Rating (VR) of ‘bbb’ and Government Support Rating (GSR) of ‘bbb-‘. A full list of rating actions is below. KEY RATING DRIVERSIDRs and VR Ratings Equalised with […]

Fitch Ratings (Thailand) has assigned Asia Sermkij Leasing Public Company Limited (ASK) a National Long-Term Rating of ‘A(tha)’. The Outlook is Stable. And Fitch has also assigned a National Short-Term Rating of ‘F1(tha)’. Key Rating Drivers Thailand-based ASK’s National Long-Term Rating reflects Fitch’s assessment of extraordinary support from the ultimate controlling shareholder, Taiwan-based Chailease…