Fitch Ratings

Fitch Ratings (Thailand) Limited has downgraded FNS Holdings Public Company Limited’s National Long-Term Rating to ‘B-(tha)’, from ‘B(tha)’. All of FNS’s ratings have been placed on Rating Watch Negative (RWN). The downgrade and RWN reflect high liquidity and refinancing risk, as FNS is relying on asset sales to repay debt due in 2H24. Refinancing risk […]

Fitch Ratings has upgraded Thailand-based telecommunications company Advanced Info Service Public Company Limited’s (AIS) and subsidiary Advanced Wireless Network Company Limited’s (AWN) National Long-Term Rating and senior unsecured ratings to ‘AAA(tha)’ from ‘AA+(tha)’. The Outlook on the National Long-Term Rating is Stable. At the same time, Fitch has affirmed their National Short-Term Ratings at…

Fitch Ratings has assigned Export-Import Bank of Thailand’s (EXIM, BBB+/Stable) USD100 million three-year senior unsecured notes a final rating of ‘BBB+’. The notes were issued under the bank’s USD3 billion medium-term note (MTN) programme. The assignment of the final rating follows the receipt of final documents conforming to the information already received. The final rating […]

Weak profitability in Thailand’s securities sector is likely to lead to greater impetus for consolidation, particularly for smaller independent companies that have weaker franchises, Fitch Ratings says in a new report. Profitability in the sector in 2023 is at the lowest level in over 10 years, on weak market activity and intense competition. Increased consolidation […]

Fitch Ratings (Thailand) has assigned Thai ORIX Leasing Co., Ltd.’s (TOLC) Thai baht guaranteed bonds a final National Long-Term Rating of ‘AAA(tha)’. The outlook is Stable. The final rating is in line with the expected rating assigned on 3 August 2023 after final documentation confirmed the information previously received. KEY RATING DRIVERSThe rating on TOLC’s […]

Thailand’s economic recovery could be constrained by a global slowdown, while the new coalition government’s economic stimulus policies could lead to higher government debt, Fitch Ratings analysts said at the company’s annual conference on Thailand held today. The conference opened with a keynote address by Dr Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, on […]

Fitch Ratings has affirmed Thailand’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERSExternal Strengths, Structural Constraints: Thailand’s ratings balance its strong external finances and sound macroeconomic policy framework against weaker structural features, such […]

Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘A-‘. The Outlooks are Stable. Fitch has also affirmed the bank’s National Long-Term Rating at ‘AAA(tha)’ with a Stable Outlook. A full list of rating actions is below. KEY RATING DRIVERSParental Support Drives Ratings: […]