Fitch Ratings: BAM#s Senior Note Rating Intact After Size Increase

Stocks and Financial Services Press Releases Thursday July 11, 2019 16:52
Bangkok--11 Jul--Fitch Ratings

Fitch Ratings (Thailand) says the 'AA-(tha)' National Long-Term Rating on Bangkok Commercial Asset Management Public Company Limited's (BAM; AA-(tha)/Negative) upcoming senior unsecured notes will not be affected by a change in the issue size.

The size of the senior note issue will be increased to up to THB20.0 billion from the previous upper bound of THB15.0 billion. The notes will be issued in tranches and the proceeds will be used for general corporate purposes and refinancing.

The notes are rated at the same level as BAM's National Long-Term Rating as they represent its unsubordinated and unsecured obligations. BAM's ratings are driven by sovereign support. BAM is fully owned by the Financial Institutions Development Fund (FIDF), which is a unit of the Bank of Thailand.

For more information, see Fitch Rates Bangkok Commercial Asset Management's Senior Notes 'AA-(tha), dated 26 June 2019, and Fitch Affirms BAM at 'AA-(tha)'; Outlook Negative, dated 17 August 2018.
The increase does not affect the company's ratings or any of the company's issue rating, which are as follows: