Fitch gives ICBC (Thai) notes AAA(tha)

Fitch Ratings said it assigned ICBC (Thai) Leasing Co. Ltd.'s upcoming long-term senior unsecured notes a national long-term rating of AAA(tha).

The notes will be issued under the company’s 30 billion baht medium-term note program.

Proceeds will be used for refinancing and for general operations.

Fitch said the notes are rated at the same level as the company's national long-term rating of AAA(tha), as they represent its unsecured and unsubordinated obligations.

The agency said the national long-term rating on the company is driven by institutional support from its parent, Industrial and Commercial Bank of China (Thai) PCL.

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