Bangkok--24 Sep--Fitch Ratings
Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued under ICBCTL's THB30 billion medium-term note programme, which Fitch affirmed at 'AAA(tha)/F1+(tha)' on 10 September 2018.
The proceeds will be used for refinancing and for general operations.
KEY RATING DRIVERS
ICBCTL's senior notes are rated at the same level as the company's National Long-Term Rating of 'AAA(tha)' in accordance with Fitch's criteria, as they represent its unsecured and unsubordinated obligations.
RATING SENSITIVITIES
The note ratings are sensitive to changes in ICBCTL's National Long-Term Rating, which is driven by institutional support from its parent, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT, AAA(tha)/Stable/F1+(tha)).
Any changes in the perceived propensity of ICBCT to support ICBCTL could lead to rating action on the National Ratings of both ICBCTL and its senior debt. This may occur if ICBCT reduces its ownership, withdraws its financial commitment or undertakes actions indicating a significantly lower propensity to provide support. However, Fitch believes this is unlikely to occur in the near term.
For full details on the rating drivers and sensitivities for ICBCT and ICBCTL, please see the previous rating action commentary.