Bangkok--30 Jul--Fitch Ratings
Fitch Ratings (Thailand) has confirmed CIMB Thai Bank Public Company Limited’s (CIMBT) short-term debenture programme at ‘F1+(tha)’ following the increase in size of the programme to THB34.0bn. Proceeds will be used for its banking businesses.
KEY RATING DRIVERS
Fitch has affirmed the programme on 25 March 2014. The National rating of short-term senior unsecured debentures programme is consistent with CIMBT’s Short-Term National Rating of ‘F1+(tha)’ as the debentures represent unsecured and unsubordinated obligations of the bank.
RATING SENSITIVITIES
CIMBT's National Short-Term Rating is the highest on the national scale and, hence, no rating upside is possible.
CIMBT’s National Ratings (AA-(tha)/Stable) are support-driven. A significant deterioration of the parent bank’s (Malaysian-based CIMB Bank Berhad) credit profile may result in a negative action on CIMBT’s National Ratings and issue ratings. Any perceived weakening of the importance of CIMBT to its parent could also negatively affect the ratings.
For more details on CIMBT's ratings and credit profile, see "Fitch Affirms Ratings of 5 Thai Subsidiaries of Foreign Banks", dated 25 March 2014, and CIMBT's report, dated 22 April 2014, available at www.fitchratings.com.