Fitch Ratings

The proposed acquisition of fixed broadband operator – Triple T Broadband PLC (TTTBB) – by Advanced Info Service Public Company Limited (AIS, AA+(tha)/Stable) is in line with the company’s pursuit of a sustainable competitive position and profitable growth in Thailand’s telecom sector amid a slowing mobile business, says Fitch Ratings. The acquisition will drive up […]

Fitch Ratings (Thailand) has maintained the Rating Watch Negative (RWN) on FNS Holdings Public Company Limited’s (FNS) National Long- and Short-term Ratings of ‘BBB-(tha)’ and ‘F3(tha)’, respectively. The maintenance of the RWN is based on uncertainty over FNS’s future business plans and financial profile. KEY RATING DRIVERSThe RWN reflects uncertainty over FNS’s business direction and […]

Fitch Ratings has affirmed Thailand’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERSStrong Externals, Structural Constraints: Thailand’s ratings are underpinned by the country’s sustained external finance strengths and strong macroeconomic policy framework. The […]

Fitch Ratings (Thailand) has downgraded Thailand-based integrated inland logistics operator JWD InfoLogistics Public Company Limited’s National Long-Term Rating to ‘BB+(tha)’ from ‘BBB-(tha)’ and National Short-Term Rating to ‘B(tha)’ from ‘F3(tha)’. At the same time, Fitch has affirmed the bond programme guaranteed by Credit Guarantee and Investment Facility (CGIF) at ‘AAA(tha)’.…

Fitch Ratings has revised the Outlook on SCG Chemicals Public Company Limited’s (SCGC) National Long-Term Rating to Negative, from Stable, and has affirmed the rating at ‘A+(tha)’. The agency has also affirmed the ‘A+(tha)’ senior unsecured rating of SCGC’s THB100 billion medium-term note programme. The rating action follows the Outlook revision on SCGC’s parent, The […]

Fitch Ratings (Thailand) has revised our Outlook on The Siam Cement Public Company Limited (SCC) to Negative from Stable. The agency has also affirmed SCC’s National Long-Term Rating and senior unsecured rating at ‘A+(tha)’ and its National Short-Term Rating at ‘F1(tha)’. At the same time, Fitch has assigned a senior unsecured rating of ‘A+(tha)’ to […]

Thailand’s securities industry will continue to face secular challenges pressuring profitability from continued compression of brokerage commission rates, fierce competition, as well as investments relating to digitalisation, says Fitch Ratings. Furthermore, renewed economic headwinds from a global growth slowdown will also lead to a less favourable liquidity environment. Fitch expects profitability to weaken from the […]

KASIKORNBANK Public Company Limited’s (KBank; BBB/Stable) plan to increase its stake in PT Bank Maspion Indonesia Tbk (Maspion) to 67.5% from 9.99% reflects Thai banks’ search for earnings opportunities outside of domestic commercial banking, says Fitch Ratings. Fitch believes the acquisition of additional shares in Maspion is unlikely to have an impact on KBank’s standalone […]

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 notes are rated two notches below BAY’s National Long-Term Rating to reflect higher loss-severity risk relative to senior unsecured instruments, in line with the […]