Fitch Ratings

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 Simultaneously, Fitch has withdrawn all the ratings on CP ALL.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…

Fitch Ratings (Thailand) confirms that the ‘AAA(tha)’ rating on United Overseas Bank (Thai) Public Company Limited’s (UOBT; AAA(tha)/Stable) upcoming issue of senior unsecured bonds will not be affected by the bank’s plan to issue the bonds in tenors of two and three years. The bonds are rated at the same level as UOBT’s National Long-Term […]

Fitch Ratings has affirmed Thai Life Insurance Public Company Limited’s (TLI) Insurer Financial Strength (IFS) Rating at ‘A-‘ (Strong) and National IFS Rating at ‘AAA(tha)’. The Outlooks are Stable. KEY RATING DRIVERSThe ratings affirmation indicates TLI’s ‘Favourable’ company profile, ‘Strong’ financial performance and ‘Strong’ capitalisation. However, the rating strength…

Fitch Ratings (Thailand) Limited has assigned CIMB Thai Bank Public Company Limited’s (CIMBT; AA-(tha)/Stable/F1+(tha)) senior unsecured medium-term note (MTN) programme a National Long-Term Rating of ‘AA-(tha)’ and a National Short-Term Rating of ‘F1+(tha)’. The programme can issue a maximum of THB15.0 billion, with allowance for revolving issuance within the next two years. The notes under […]