Moody’s rates Export-Import Bank of Thailand program Baa1

Moody's Investors Service said it assigned a provisional Baa1 long-term foreign currency senior unsecured rating to Export-Import Bank of Thailand's (Baa1 stable, ba2) $1.5 billion medium-term note program.

The provisional ratings are in line with the bank’s Baa1 long-term issuer rating and reflect the structure of the proposed issuance.

Moody’s said the Baa1 issuer rating incorporates four notches of uplift from the bank's baseline credit assessment (BCA) of ba2, based on the agency’s assessment that the bank will receive support from the Government of Thailand (Baa1 stable), if needed.

Moody's support assumptions are due to the bank's full government ownership, its important policy role in providing financial services to Thai exporters, as well as Thailand's track record of supporting financial institutions, the agency explained.

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