TRIS Rating Places a “Positive” CreditAlert on Company Rating on “SMC”

Stocks News Thursday September 24, 2020 21:49 —TRIS News Release

TRIS Rating places a CreditAlert with a “positive” implication on the “AA-” ratings of Secondary Mortgage Corporation (SMC) and its senior unsecured debentures.

The rating action follows the announcement of Abolition of Secondary Mortgage Corporation Act B.E. 2563 in the Royal Gazette on 23 September 2020. The Act has the legal effect of dissolving SMC and transferring SMC’s assets and liabilities to the Government Housing Bank (GHB), and that GHB will assume the roles and responsibilities of SMC as of 24 September 2020. The “positive” implication reflects a potential credit rating uplift as GHB has replaced SMC as the obligor, hence the ratings will reflect the credit profile of GHB instead of SMC.

We will resolve the CreditAlert once we have completed the evaluation of GHB’s credit profile.

RELATED CRITERIA

- Government-Related Entities Rating Methodology, 30 July 2020

- Nonbank Financial Institution Methodology, 17 February 2020

Company Rating: AA-

Issue Ratings:

SMCT20NA: THB1,000 million senior unsecured debentures due 2020 AA-

SMCT216A: THB1,250 million senior unsecured debentures due 2021 AA-

SMCT21OA: THB700 million senior unsecured debentures due 2021 AA-

SMCT236A: THB750 million senior unsecured debentures due 2023 AA-

SMCT238A: THB700 million senior unsecured debentures due 2023 AA-

SMCT23OA: THB500 million senior unsecured debentures due 2023 AA-

CREDITALERT: Positive

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