Fitch Ratings

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 […]

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 […]