Fitch Rates ICBCTL#s Senior Notes #AAA(tha)#

Stocks and Financial Services Press Releases Monday September 24, 2018 16:18
Bangkok--24 Sep--Fitch Ratings

Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued under ICBCTL's THB30 billion medium-term note programme, which Fitch affirmed at 'AAA(tha)/F1+(tha)' on 10 September 2018.

The proceeds will be used for refinancing and for general operations.
KEY RATING DRIVERS
ICBCTL's senior notes are rated at the same level as the company's National Long-Term Rating of 'AAA(tha)' in accordance with Fitch's criteria, as they represent its unsecured and unsubordinated obligations.
RATING SENSITIVITIES

The note ratings are sensitive to changes in ICBCTL's National Long-Term Rating, which is driven by institutional support from its parent, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT, AAA(tha)/Stable/F1+(tha)).

Any changes in the perceived propensity of ICBCT to support ICBCTL could lead to rating action on the National Ratings of both ICBCTL and its senior debt. This may occur if ICBCT reduces its ownership, withdraws its financial commitment or undertakes actions indicating a significantly lower propensity to provide support. However, Fitch believes this is unlikely to occur in the near term.

For full details on the rating drivers and sensitivities for ICBCT and ICBCTL, please see the previous rating action commentary.

Latest Press Release

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

Bitfinex and Ethfinex Launch IEO Platform - Tokinex

Bitfinex and Ethfinex, two of the world's leading digital asset exchanges, today announce the launch of Tokinex, their new Initial Exchange Offering (IEO) platform. Tokinex, allows qualified users to discover and participate in curated, pre-vetted token...

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

UNUS SED LEO Listing on Bitfinex Following Completion of $1bn Contribution

We are pleased to announce that UNUS SED LEO, a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform, will commence trading on Monday May...

Photo Release: EXIM Thailand Celebrates Successful Issuance of Renewable Energy Bond

Mr. Pisit Serewiwattana (second left), President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Hironori Oka (second right), Senior Executive Managing Director and Head of Asia and Oceania, Daiwa Capital Markets Hong Kong Limited...

Related Topics