Bangkok--15 May--Fitch Ratings
Fitch Ratings (Thailand) has assigned a final National Long-Term Rating of 'AA(tha)' with Stable Outlook to Center Auto Lease Company Limited's (CAL) THB2 billion guaranteed bonds due May 2020. The proceeds will be used for general corporate purposes and refinancing.
The rating action follows the completion of the bond issue and the receipt of final documents conforming to information already received. The final rating is the same as the expected rating assigned on 15 February 2017.
KEY RATING DRIVERS
The rating of the guaranteed bonds is based entirely on irrevocable and unconditional guarantees provided by CIMB Thai Bank Public Company Limited (CIMBT; AA(tha)/Stable), which is CAL's direct parent. The Stable Outlook on the guaranteed bonds is consistent with that of the guarantor, CIMBT.
RATING SENSITIVITIES
The rating of the guaranteed bonds will be directly affected by changes in CIMBT's National Long-Term Rating.
For more information on CIMBT, please see the credit report CIMB Thai Bank Public Company Limited (https://www.fitchratings.com/site/re/896255) and rating commentary Fitch Affirms Four Thai Subsidiaries of Foreign Financial Institutions (https://www.fitchratings.com/site/pr/1019753)