Fitch Ratings

Fitch Ratings has affirmed Electricity Generating Authority of Thailand’s (EGAT) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook. The agency has also affirmed EGAT’s senior unsecured rating at ‘BBB+’. EGAT’s ratings reflect its Standalone Credit Profile (SCP) of ‘bbb+’, the same level as that of the Thai sovereign (BBB+/Stable). Fitch will […]

Fitch Ratings (Thailand) has placed the ‘F2(tha)’ National Short-Term Rating on Esso (Thailand) Public Company Limited’s (Esso) bills of exchange revolving programme of up to THB12 billion on Rating Watch Evolving (RWE). This follows the announcement on 11 January 2023 that ExxonMobil Asia Holdings Private Limited, Esso’s parent, will sell all of its interest in […]

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of ‘AA-(tha)’ to Krungthai XSpring Securities Company Limited’s (KTX, AA-(tha)/Stable) senior unsecured notes of up to THB1,000 million. The notes will have a tenor of one and a half years. The notes will be issued under the 2023 medium-term note (MTN) programme and the proceeds will […]

Fitch Ratings (Thailand) has assigned Krungthai Xspring Securities Company Limited’s (KTX, AA-(tha)/Stable/F1+(tha)) medium-term note (MTN) programme a senior unsecured National Long-Term Rating of ‘AA-(tha)’ and National Short-Term Rating of ‘F1+(tha)’. The programme has a maximum size of THB7 billion, comprising debentures and bills of exchange of up to THB3 billion and THB4 billion, respectively. Proceeds…

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of ‘AA-(tha)’ to Krungthai XSpring Securities Company Limited’s (KTX; AA-(tha)/Stable) senior unsecured notes of up to THB1,000 million. The notes will have a tenor of one and a half years. The notes will be issued under the 2021 medium-term note (MTN) programme and the proceeds will […]

Fitch Ratings (Thailand) has assigned AEON Thana Sinsap (Thailand) Public Company Limited’s (AEONTS, A-(tha)/Stable) upcoming issue of senior unsecured notes a National Long-Term Rating of ‘A-(tha)’. Proceeds of the issuance will be used for general corporate purposes and/or to refinance existing debt. KEY RATING DRIVERSThe rating is based on AEONTS’s National Long-Term Rating, as the […]

Fitch Ratings (Thailand) has affirmed Asia Plus Group Holdings Public Company Limited’s (ASP) National Long-Term Rating at ‘A(tha)’ with a Stable Outlook. Fitch has also affirmed ASP’s National Short-Term Rating at ‘F1(tha)’. KEY RATING DRIVERSRatings Reflect Standalone Strength: ASP’s National Long-Term Rating reflects its established and diversified securities franchise, which supports its superior…

Fitch Ratings (Thailand) has affirmed Finansia Syrus Securities Public Company Limited’s (FSS) National Long-Term Rating at ‘BBB+(tha)’ The Outlook is Stable. Fitch has also affirmed the National Short-Term Rating at ‘F2(tha)’. KEY RATING DRIVERSStandalone Profile Underpins Ratings: The ratings of FSS reflect an established retail franchise in Thailand’s competitive securities brokerage industry, as well as…

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of ‘BB(tha)’ to DAOL SECURITIES (THAILAND) PUBLIC COMPANY LIMITED’s (DAOLSEC, BB+(tha)/Rating Watch Negative (RWN)/B(tha)) upcoming issue of up to THB300 million in subordinated unsecured debentures. The RWN on the subordinated debentures is consistent with the RWN of DAOLSEC’s National Long-Term Rating. The debentures have a maturity […]

Higher interest rates are likely to benefit Thai life insurers, but to a smaller extent than those in other Asian markets, Fitch Ratings says. Their capitalisation should remain manageable despite the impact on earnings in the short term from volatile markets. The current inflationary environment could raise lapse risks on existing policies as policyholders switch […]