Fitch Ratings

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…

Fitch Ratings has affirmed the ratings on Minor International Public Company Limited’s (MINT) US dollar guaranteed senior perpetual capital securities at ‘BBB’. The rating reflects the credit enhancement provided to investors by the guarantee from Thailand-based Bangkok Bank Public Company Limited (BBL, BBB/Stable) acting through its Singapore and Hong Kong branches. KEY RATING DRIVERSNotes Equalised […]

Fitch Ratings (Thailand) Limited has upgraded community-mall developer and operator Siam Future Development Public Company Limited’s (SF) National Long-Term Rating and national senior unsecured rating to ‘BBB+(tha)’, from ‘BBB-(tha)’. The Outlook is Stable. Fitch has also upgraded the National Short-Term Rating to ‘F2(tha)’, from ‘F3(tha)’. The upgrade reflects Fitch’s reassessment of…

The operating environment for Thai banks remains supportive of a gradual recovery in financial performance, says Fitch Ratings. However, business activity, which remains below pre-pandemic levels, is constrained by continued macroeconomic risks, limiting the potential for significant upside in the near term. Fitch expects loans under regulatory relief to fall significantly over the course of […]

Fitch Ratings (Thailand) has assigned a ‘AA+(tha)’ rating to PTT Global Chemical Public Company Limited’s (PTTGC; AA+(tha)/Negative) proposed senior unsecured debentures of up to THB25 billion. The proposed debentures constitute direct, unsecured, unconditional and unsubordinated obligations of the company and are rated at the same level as PTTGC’s National Long-Term Rating in line with its […]