Bangkok--13 Dec--Fitch Ratings
Fitch Ratings (Thailand) has affirmed the National Long-Term Ratings on Sumitomo Mitsui Banking Corporation, Bangkok Branch's (SMBC Bangkok Branch) Thai baht-denominated senior unsecured notes at 'AAA(tha)'.
KEY RATING DRIVERS
The note ratings are based on the Long-Term Foreign-Currency Issuer Default Rating (IDR) of SMBC Bangkok Branch's parent, Sumitomo Mitsui Banking Corporation (SMBC, A/Stable/F1), which is above Thailand's Long-Term Local-Currency IDR of 'BBB+' and corresponds to a 'AAA(tha)' National Rating, the highest level on Thailand's National Rating scale.
See Fitch Affirms Ratings on Japanese Major Banks, dated 7 December 2018, for information on SMBC.
RATING SENSITIVITIES
A downgrade could be triggered if SMBC's Long-Term Foreign-Currency IDR was at or below Thailand's Long-Term Local-Currency IDR, whether by a downgrade of the bank's rating or an upgrade of Thailand's rating.
An upgrade on SMBC Bangkok Branch's senior unsecured notes is not possible, as the rating is already at the highest level on the National Rating scale.
The rating actions are as follows:
National Long-Term Rating on THB3.5 billion 2.09% senior unsecured notes due November 2019 affirmed at 'AAA(tha)'
National Long-Term Rating on THB4.0 billion 2.00% senior unsecured notes due August 2020 affirmed at 'AAA(tha)'
National Long-Term Rating on THB2.0 billion 2.66% senior unsecured notes due November 2021 affirmed at 'AAA(tha)'