Fitch Ratings

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: […]

Fitch Ratings has affirmed the ratings on Minor International Public Company Limited’s (MINT) US dollar guaranteed senior perpetual capital securities at ‘BBB’. The rating reflects the credit enhancement provided to investors by the guarantee from Thailand-based Bangkok Bank Public Company Limited (BBL, BBB/Stable) acting through its Singapore and Hong Kong branches. KEY RATING DRIVERSNotes Equalised […]

Fitch Ratings (Thailand) has assigned KASIKORNBANK Public Company Limited’s (KBank, BBB/AA+(tha)/Stable/bbb) upcoming Japanese yen-denominated senior unsecured long-term debentures a National Long-Term Rating of ‘AA+(tha)’. The debentures will be issued in line with Thailand’s Digital Infrastructure Sandbox and offered to institutional investors via a private placement. The proceeds will be used for general corporate…

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 Shareholder Support Rating (SSR) at ‘a-‘, Short-Term IDR at ‘F1’, and Viability Rating (VR) at ‘bbb-‘. A full list of […]