Fitch Ratings

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 […]

Fitch Ratings has maintained Total Access Communication Public Company Limited’s (DTAC) ‘A+(tha)’ National Long-Term Rating and ‘F1(tha)’ National Short-Term Rating on Rating Watch Negative. Fitch placed DTAC on Rating Watch Negative on 28 February 2022 after the company’s board approved a merger agreement with CP Group-owned True Corporation Public Company Limited (TRUE). Fitch will resolve […]

Fitch Ratings has affirmed Thailand-based Global Power Synergy Public Company Limited’s (GPSC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ and National Long-Term Rating at ‘A+(tha)’. The Outlook is Stable. The agency has also affirmed the ‘A+(tha)’ rating on GPSC’s senior unsecured ratings. The affirmation reflects GPSC’s strong business profile as a leading private-power…

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 are underpinned by its robust external finances and strong macroeconomic policy framework, which should bolster […]

Fitch Ratings (Thailand) has assigned KASIKORNBANK Public Company Limited’s (KBank; AA+(tha)/Stable) senior unsecured medium-term note (MTN) programme a National Long-Term Rating of ‘AA+(tha)’ and National Short-Term Rating of ‘F1+(tha)’. The programme has a maximum issuance size of THB30 billion (or equivalent in other currencies), and allows revolving issuance within the next two years. The debentures […]

Fitch Ratings (Thailand) Limited has affirmed community-mall developer and operator Siam Future Development Public Company Limited’s (SF) National Long-Term Rating at ‘BBB+(tha)’ with a Stable Outlook. Fitch has also affirmed the National Short-Term Rating at ‘F2(tha)’ and national senior unsecured rating at ‘BBB+(tha)’. The National Long-Term Rating incorporates a two-notch uplift from SF’s…