Fitch Affirms CIMB Thai Bank at #AA-(tha)#; Outlook Stable

Entertainment Press Releases Tuesday September 3, 2019 17:02
Bangkok--3 Sep--Fitch Ratings

Fitch Ratings has affirmed CIMB Thai Bank Public Company Limited's (CIMBT) National Long-Term Rating and the rating on its THB2 billion 2.44% notes due 2020 at 'AA-(tha)'. The Outlook is Stable. The notes are issued by CIMB Thai Auto Company Limited (CIMBT Auto) and are guaranteed unconditionally by CIMBT.


Fitch uses its institutional-support framework to rate CIMBT. The agency believes the bank would benefit from extraordinary support from its parent, CIMB Bank Berhad (CIMB). Fitch sees the Thai subsidiary as strategically important to the parent, which has a 94.8% stake in CIMBT, exercises management control and integrates the subsidiary closely with the group. The subsidiary also shares its parent's brand.

The senior short-term debt programme rating is equalised with CIMBT's National Short-Term Rating, as Fitch would regard the default of any debt instrument under the programme as a default of the bank itself.
CIMBT's unconditional and irrevocable guarantee on CIMBT Auto's bond drives the instrument's rating. CIMBT directly owns 99.99% of CIMBT Auto.

Fitch would downgrade CIMBT's National Long-Term Rating if the credit profile of its parent was to deteriorate or if the parent bank was to lower its propensity to provide extraordinary support. This could happen if the parent significantly reduced its shareholding or withheld financial and operational commitments to its Thai subsidiary. Conversely, Fitch could take positive rating action if the parent was to demonstrate greater capacity or propensity to provide support, although we do not expect this to happen in the near term.

The senior debt ratings of CIMBT are sensitive to changes in the bank's National Ratings.
The rating on CIMBT Auto's guaranteed bond would be directly affected by changes in CIMBT's National Long-Term Rating.
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