Bangkok--9 Dec--Fitch Ratings
Fitch Ratings has affirmed Siam Commercial Leasing’s (SCBL) National ratings at Long-Term ‘A+(tha)’ with Stable Outlook and Short-Term ‘F1+(tha)’. The ratings have simultaneously been withdrawn because the ratings are no longer considered by the agency to be relevant to its coverage. Fitch will no longer provide ratings or analytical coverage of this issuer.
SCBL’s ratings are based on strong integration with and funding support from its parent bank, Siam Commercial Bank Public Company Limited (SCB; rated ‘AA(tha)’/Stable), the third largest bank in Thailand, which holds a 99% stake in SCBL. Following a change in the parent bank’s strategy since 2008, SCBL has shifted its focus to servicing SCB’s 60 days plus delinquent receivables, while the new loan origination function has been moved to SCB. SCBL retains only the existing auto hire purchase portfolio, which is expected to run off in the next 12-18 months.