Fitch rates ICBC (Thai) AA+(tha)

Fitch Ratings said it assigned Industrial and Commercial Bank of China (Thai) PCL an AA+(tha) national long-term rating and an F1+(tha) short-term rating.

The outlook is stable.

The ratings reflect near full ownership and a high probability that support would be forthcoming for the bank, if needed, from its parent, Industrial and Commercial Bank of China.

Industrial and Commercial Bank of China is systemically important to China's banking sector and would be expected to benefit from a strong level of support, if required, from the Chinese government, its major shareholder with 75% stake, Fitch said.

Despite a volatile operating environment in Thailand, Industrial and Commercial Bank of China (Thai)'s overall performance has gradually improved over the last three years, driven largely by corporate loan growth during 2008 through 2009 and strong growth in the auto hire purchase loan portfolio of Leasing Sinn Asia, a wholly-owned subsidiary, since 2009, the agency said.

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