Fitch Ratings

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Fitch Ratings (Thailand) has withdrawn the National Short-Term Rating of ‘F2(tha)’ previously assigned on 25 July 2022 to CGS-CIMB Securities (Thailand) Co., Ltd.’s (CGS-CIMB TH;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 Fitch has withdrawn EXIM’s Support Rating of ‘2’ and Support Rating Floor of ‘BBB+’, because the ratings are no longer relevant […]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 […]

Fitch Ratings has affirmed 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 at ‘AA+(tha)’ with a Stable Outlook and their National Short-Term Ratings at ‘F1+(tha)’. At the same time, Fitch has affirmed AIS’s and AWN’s national senior unsecured rating at…

Fitch Ratings (Thailand) Limited has downgraded FNS Holdings Public Company Limited’s National Long-Term Rating to ‘B(tha)’, from ‘BBB-(tha)’, and its National Short-Term Rating to ‘B(tha)’, from ‘F3(tha)’. The ratings have been removed from Rating Watch Negative, on which they were placed on 28 December 2021. The Outlook is Stable. The downgrade reflects the sharp deterioration […]

Fitch Ratings (Thailand) has assigned an ‘A+(tha)’ rating to Thai Oil Public Company Limited’s (TOP; A+(tha)/Negative) proposed senior unsecured debentures of up to THB12 billion. The proposed debentures constitute direct, unsecured, unconditional and unsubordinated obligations of the company and are rated at the same level as TOP’s National Long-Term Rating, in line with its other […]

Fitch Ratings (Thailand) has assigned United Overseas Bank (Thai) Public Company Limited’s (UOBT, AAA(tha)/Stable) upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures a rating of ‘AA(tha)’. KEY RATING DRIVERSThe subordinated debentures are rated two notches below UOBT’s National Long-Term Rating to reflect higher loss-severity risk relative to senior unsecured notes. The notes do…

Fitch Ratings (Thailand) has affirmed Bank of China (Thai) Public Company Limited’s (BOCT) National Long-Term Rating at ‘AAA(tha)’ and National Short-Term Rating at ‘F1+(tha)’. The Outlook is Stable. KEY RATING DRIVERSParent’s Support Underpins Rating: BOCT’s ratings are based on shareholder support from its parent, Bank of China (Hong Kong) Limited (BOCHK; A/Stable/a). Fitch believes there […]