Fitch Ratings

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 […]

Fitch Ratings has assigned Export-Import Bank of Thailand’s (EXIM, BBB+/Stable) USD350 million five-year senior unsecured notes a final rating of ‘BBB+’. The notes were issued under the bank’s recently updated USD 3 billion medium-term note (MTN) programme. The assignment of the final rating follows the receipt of final documents conforming to the information already received. […]

Fitch Ratings (Thailand) has assigned PTT Public Company Limited’s (BBB+/AAA(tha)/Stable) upcoming THB100 billion medium-term debenture programme a National Long-Term Rating of ‘AAA(tha)’. The debentures under the programme will be senior unsecured with a maturity of up to 30 years and will be rated at the same level as PTT’s National Long-Term Rating, as they will […]

Fitch Ratings has assigned Export-Import Bank of Thailand’s (EXIM, BBB+/Stable) proposed five-year senior unsecured notes an expected rating of ‘BBB+(EXP)’. The proposed notes will be issued under the bank’s updated USD3.0 billion medium-term note programme. EXIM plans to use the proceeds for general corporate purposes. The final rating is contingent upon the receipt of final […]

Fitch Ratings (Thailand) Limited has affirmed Nava Nakorn Electricity Generating Company Limited’s (NNEG) National Long-Term Rating and its senior unsecured rating at ‘A-(tha)’. The Outlook is Stable. The affirmation reflects our expectation NNEG’s FFO net leverage will fall below 4.3x over the medium term after rising in 2022 beyond Fitch’s negative rating sensitivities. We expect […]

Fitch Ratings (Thailand) has affirmed the National Long-Term Ratings on three Thai securities subsidiaries of foreign financial institutions as follows: CGS-CIMB Securities (Thailand) Co., Ltd. (CGS-CIMB TH) at ‘A(tha)’ Maybank Securities (Thailand) Public Company Limited (MST) at ‘AA(tha)’ Yuanta Securities (Thailand) Company Limited (YSTH) at ‘AA(tha)’ The Outlooks are Stable. A full list of rating…

Fitch Ratings (Thailand) has affirmed the National Long-Term Rating on Thai ORIX Leasing Company Limited’s (TOLC) Thai baht-denominated guaranteed bonds at ‘AAA(tha)’ with a Stable Outlook. KEY RATING DRIVERSThe National Long-Term Rating on TOLC’s guaranteed bonds are based entirely on irrevocable and unconditional guarantees provided by its parent company, Japan-based ORIX Corporation (ORIX: A-/Stable). ORIX’s…