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

Stocks and Financial Services Press Releases Friday March 22, 2019 15:18
Bangkok--22 Mar--Fitch Rates

Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes with an issuance size of up to THB6 billion 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/or general operations.
KEY RATING DRIVERS
ICBCTL's senior notes are rated at the same level as its National Long-Term Rating as they represent the company's unsecured and unsubordinated obligations.

ICBCTL's National Long-Term Rating is based on Fitch's view that the company is a core subsidiary of Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; AAA(tha)/Stable), as reflected by a high level of integration, history of ordinary financial support, full ownership and brand sharing.

RATING SENSITIVITIES
The note ratings are sensitive to changes in ICBCTL's National Long-Term Rating, which is at the top-end of the scale and therefore has no upside.

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. ICBCT's ratings are, in turn, sensitive to a change in its parent's (Industrial and Commercial Bank of China Limited, rated A/Stable) propensity to provide extraordinary 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 our previous rating action commentary.

Latest Press Release

Fitch Upgrades Thailand#s IRPC to #A(tha)#; Outlook Stable

Fitch Ratings (Thailand) has upgraded IRPC Public Company Limited's National Long-Term Rating and senior unsecured rating to 'A(tha)' from 'A-(tha)'. The Outlook is Stable. Fitch has also upgraded IRPC's National Short-Term Rating to 'F1(tha)' from...

SET hosts exclusive forum for 31 embassies to showcase Thailand investment potential

The Stock Exchange of Thailand (SET) hosted "Embassies @ SET" Forum in Bangkok. The first-ever forum has gathered together 50 diplomatic professionals of 31 embassies in Thailand to gain insights into investment opportunities in the Thai capital market,...

KBank supports Revenue Department in pioneering e-Tax Invoice and e-Receipt service

KASIKORNBANK PCL (KBank) will be the trailbrazer in launching the e-Tax Invoice and e-Receipt service to allow business operators to submit these documents to the Revenue Department with swiftness while also reducing their tax management cost. Ms. Kitiya...

Thai Prime Minister Opens CLMVT Forum 2019 Calling for synergy to transform the region into the new value chain hub of Asia

Thailand's Prime Minister General Prayut Chan-o-cha today officially opened the CLMVT Forum 2019 on 24 June, 2019 at the Renaissance Bangkok Rachaprasong Hotel, and delivered a keynote speech highlighting the forum's theme of "CLMVT as the New Value...

Photo Release: EXIM Thailand Finances Asia Green Energys Investment in Lighter Fleet to Promote Thai Maritime Potential

Mrs. Warangkana Wonkhaluang, Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Panom Kuansataporn, Chief Executive Officer of Asia Green Energy Plc., recently signed a loan agreement whereby EXIM Thailand provided...

Related Topics