Fitch Ratings

Fitch Ratings (Thailand) Limited has affirmed KCE Electronics Public Company Limited’s National Long-Term Rating at ‘A-(tha)’. The Outlook is Stable. The affirmation reflects Fitch’s expectation that KCE’s operating performance will remain strong on robust global printed circuit board (PCB) demand, which, together with its currently low leverage, will sufficiently support its large committed capex plan […]

Fitch Ratings has affirmed TMBThanachart Bank Public Company Limited’s (TTB) Long-Term Issuer Default Rating (IDR) at ‘BBB’ and National Long-Term Rating at ‘AA+(tha)’. The Outlook is Stable. A full list of rating actions is at the end of this commentary. Fitch is withdrawing TTB’s Support Rating of ‘2’ and Support Rating Floor of ‘BBB’ as […]

Fitch Ratings has affirmed United Overseas Bank (Thai) Public Company Limited’s (UOBT) Long-Term Issuer Default Rating (IDR) at ‘A-‘ and National Long-Term Rating at ‘AAA(tha)’. The Outlooks are Stable. Fitch has also affirmed the bank’s Short-Term IDR at ‘F1’ and its Viability Rating (VR) at ‘bbb-‘. Fitch is withdrawing UOBT’s Support Rating as it is […]

Fitch Ratings (Thailand) has assigned ICBC (Thai) Leasing Company Limited’s (ICBCTL, AAA(tha)/Stable/F1+(tha)) senior unsecured medium-term note (MTN) programme a National Long-Term Rating of ‘AAA(tha)’ and a National Short-Term Rating of ‘F1+(tha)’. The programme has a maximum size of THB50 billion, with allowance for revolving issuance. Proceeds will be used for debt repayment and/or working capital. […]

Fitch Ratings (Thailand) has assigned United Overseas Bank (Thai)’s Public Company Limited’s (UOBT; 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 UOBT’s National Long-Term Rating to reflect their higher loss-severity risk relative to senior unsecured instruments…

Fitch Ratings (Thailand) has revised the Outlook on Siam Makro Public Company Limited’s (Makro) National Long-Term Rating to Stable from Negative and affirmed the rating at ‘A-(tha)’. Fitch has also affirmed its National Short-Term Rating at ‘F2(tha)’. The rating actions on Makro follow the revision of parent CP ALL Public Company Limited’s Outlook to Stable […]

Fitch Ratings – Bangkok – 21 Apr 2022: Fitch Ratings (Thailand) has revised the Outlook on the National Long-Term Rating of Thailand-based food retailer CP ALL Public Company Limited (CP ALL) to Stable from Negative, and affirmed the rating at ‘A-(tha)’. Simultaneously, Fitch has withdrawn all the ratings on CP ALL. The revision of the […]

Fitch Ratings (Thailand) Limited has revised the Outlook on HMC Polymers Company Limited, a polypropylene (PP) manufacturer, to Stable from Negative, and affirmed its National Long-Term Rating and senior unsecured rating at ‘A-(tha)’. The Outlook revision reflects our view that HMC’s financial leverage, measured by net debt/EBITDA, will remain below 3.3x, a negative threshold for […]

Fitch Ratings (Thailand) has revised the Outlook on residential property developer Risland (Thailand) Company Limited’s (RLT) guaranteed debentures to Negative from Stable, and affirmed the National Long-Term Ratings on the outstanding debentures at ‘AA(tha)’. The debentures are guaranteed by Country Garden Holdings Company Limited (CGH, BBB-/Negative). The rating action on RLT’s outstanding debentures follows the…