Fitch Ratings

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…

Fitch Ratings (Thailand) has downgraded the National Long-Term Ratings on the guaranteed debentures of Risland (Thailand) Company Limited (RLT) to ‘A(tha)’ from ‘AA(tha)’. All the ratings remain on Rating Watch Negative (RWN). The debentures are guaranteed by China-based Country Garden Holdings Company Limited (CGH, BB+/RWN). The downgrade follows the 15 August 2022 downgrade of guarantor […]

Fitch Ratings expects the standalone profiles of Thailand’s large banks to benefit from the gradual recovery from the weak economic environment of 2020-2021. Increased business activity and stable, or slightly improving, net interest margins would support bank revenue. The banks have been aggressive in provisioning over the past several years. Fitch believes credit costs have […]