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Fitch Ratings assigns ICBC Leasing Company Limited's notes 'AAA(tha)'.

Bangkok: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, 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 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.

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. 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.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Dec 30, 2018
Words:197
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