Fitch ups Export-Import Bank of Thailand to AAA(tha)

Fitch Ratings (Thailand) said it upgraded the national long-term rating of Export-Import Bank of Thailand to AAA(tha) from AA+(tha) following Fitch's reassessment of the government's probability and propensity of support to the wholly owned government policy bank.

Fitch also affirmed the bank's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency at F2, national short-term rating at F1+(tha) and support rating at 2.

Given its status as a quasi-sovereign, the bank's ratings should generally move in tandem with those of the sovereign, the agency said. Under law, if the bank suffers losses from undertaking business in accordance with its mandated policy role, the Ministry of Finance is required to appropriate funds from consolidated revenue to compensate the bank for those losses. Similarly, losses on export and investment insurance are also protected, Fitch said.

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