Fitch rates ICBC (Thai) notes AAA(tha)

Fitch Ratings said it assigned a national long-term rating of AAA(tha) to ICBC (Thai) Leasing Co. Ltd.’s upcoming senior unsecured debentures of up to 5 billion in Thai baht.

The debentures would be offered in tranches with tenors of up to 12 years, Fitch said.

The agency also said it assigned a national short-term rating of F1+(tha) to ICBC (Thai)’s short-term senior unsecured debenture program of up to 20 billion in Thai baht on a revolving basis. Each issuance under the program will have a maturity of no more than 270 days, Fitch said.

The proceeds will be used for refinancing or for funding ICBC (Thai)’s general operations, the agency said.

The national ratings are equalized with the ratings of its parent, Industrial and Commercial Bank of China (Thai) PCL, Fitch said.

This reflects a view that the company is a core subsidiary of the bank and that there is an extremely high probability of extraordinary support, if needed, the agency said.

ICBC (Thai) is a key part of the bank’s strategy and has an important role in supporting its retail banking business, Fitch said.

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