Fitch rates ICBC (Thai) Leasing bonds AAA(tha)

Fitch Ratings said it (Thailand) Ltd. said it has assigned ICBC (Thai) Leasing Co. Ltd.'s (AAA(tha)/stable) issue of up to THB 2.5 billion of guaranteed bonds an expected national long-term rating of AAA(tha)(exp).

The outlook is stable.

The company has the option to increase the issue size to up to THB 3 billion.

The bonds will be guaranteed by Industrial and Commercial Bank of China (Thai) PCL (AAA(tha)/stable), which holds a 99.99% stake in the company. Proceeds will go toward refinancing debt and expanding its loan portfolio.

The bank's national ratings are underpinned by Fitch's belief of an extremely high probability of extraordinary support, if required, from Industrial and Commercial Bank of China (A/stable), its parent.

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