Fitch Ratings

Fitch Ratings (Thailand) has affirmed DAD SPV Company Limited’s (DAD SPV) bonds at ‘AAAsf(tha)’ with a Stable Outlook. The CMBS transaction is backed by 30-year lease and fee payments from the government office centre in northern Bangkok, which is developed and managed by the Ministry of Finance’s wholly owned asset-development company, Dhanarak Asset Development Company […]

Fitch Ratings (Thailand) has downgraded the National Long-Term Ratings on the guaranteed debentures of Risland (Thailand) Company Limited (RLT) to ‘BBB+(tha)’ from ‘A(tha)’. The Outlook is Negative. The ratings have been removed from Rating Watch Negative. The debentures are guaranteed by China-based Country Garden Holdings Company Limited (CGH, BB-/Negative). The downgrade follows the 31 October […]

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of ‘A(tha)’ to Asia Sermkij Leasing Public Company Limited’s (ASK; A(tha)/Stable) upcoming issue of senior unsecured debentures. The company plans to use the proceeds for debt repayment and working capital. KEY RATING DRIVERSThe senior unsecured debentures are rated at the same level as ASK’s National Long-Term […]

Thailand’s major private power-generating companies’ (genco) investment will rise over the next five years as they transition towards cleaner energy and expand their power generation portfolio, in line with the country’s Power Development Plan, Fitch Ratings says. We expect the average capex and investment spending of the major private power producers in the next five […]

Fitch Ratings expects Thailand’s economic recovery to continue despite slowing growth elsewhere due to its strong external buffers and a rebound in domestic demand and tourism. The overall performance of Thai banks and corporates is likely to continue to improve, although growth will be constrained by high energy costs, according to the Fitch analysts that […]

Fitch Ratings (Thailand) has withdrawn the National Short-Term Rating of ‘F2(tha)’ previously assigned on 25 July 2022 to CGS-CIMB Securities (Thailand) Co., Ltd.’s (CGS-CIMB TH; A(tha)/Stable/F1(tha)) proposed Thai baht subordinated debentures. Fitch is withdrawing CGS-CIMB TH’s subordinated debenture rating as the issuance has been cancelled. KEY RATING DRIVERSThe ‘F2(tha)’ National Short-Term Rating on the…

Fitch Ratings has affirmed Small and Medium Enterprise Development Bank of Thailand’s (SME Bank) National Long-Term Rating at ‘AAA(tha)’. The Outlook is Stable. The agency has also affirmed the bank’s National Short-Term Rating at ‘F1+(tha)’. KEY RATING DRIVERSGovernment Support Drives Ratings: SME Bank’s National Ratings reflect Fitch’s view that the Thai sovereign (BBB+/Stable) will provide…

Fitch Ratings has affirmed Export-Import Bank of Thailand’s (EXIM) Long-Term Issuer Default Rating (IDR) at ‘BBB+’ and National Long-Term Rating at ‘AAA(tha)’. The Outlook is Stable. A full list of rating actions is below. Fitch has withdrawn EXIM’s Support Rating of ‘2’ and Support Rating Floor of ‘BBB+’, because the ratings are no longer relevant […]

Fitch Ratings has affirmed Government Housing Bank’s (GH Bank) National Long-Term Rating at ‘AAA(tha)’ and National Short-Term Rating at ‘F1+(tha)’. The Outlook is Stable. Concurrently, Fitch has chosen to withdraw the ratings of GH Bank for commercial reasons. KEY RATING DRIVERS Government Support-Driven Ratings: The ratings are driven by Fitch’s expectation of a high probability […]