Fitch Ratings

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 […]

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 […]