Bangkok--25 Nov--Fitch Ratings
Fitch Ratings (Thailand) has affirmed the 'AAA(tha)' National Long-Term Ratings on Sumitomo Mitsui Banking Corporation, Bangkok Branch's (SMBC Bangkok Branch) Thai baht-denominated senior unsecured notes.
KEY RATING DRIVERS
The National Long-Term Ratings on the notes are based on the Long-Term Foreign-Currency Issuer Default Rating (IDR) of Japan-based parent Sumitomo Mitsui Banking Corporation (SMBC; A/Stable/F1), which is higher than Thailand's Long-Term Local-Currency IDR of 'BBB+' and therefore corresponds to 'AAA(tha)', the highest level on Thailand's National Rating scale.
For additional information on SMBC, please refer to the latest rating action commentary, "Fitch Affirms SMFG and Subsidiaries at 'A'; Outlook Stable", dated 23 October 2019 and available at www.fitchratings.com.
RATING SENSITIVITIES
SMBC Bangkok Branch's 'AAA(tha)' issue rating is the highest on Thailand's National rating scale; hence, there is no upside. The National rating on the notes could be downgraded if the Long-Term Foreign-Currency IDRs of SMBC were to be at or below Thailand's Long-Term Local-Currency IDR, either by a downgrade of SMBC itself or an upgrade of Thailand. There is currently a two-notch rating differential between SMBC and the Thai sovereign, with Thailand's rating on a Positive Outlook.
Additional information is available on www.fitchratings.com