Fitch lifts ICBCT

Fitch Ratings said it upgraded Industrial and Commercial Bank of China (Thai) pcl (ICBCT)'s national long-term rating to AAA(tha) from AA+(tha). The outlook is stable.

At the same time, the agency said it affirmed its national short-term rating at F1+(tha).

Fitch said the upgrade reflects a reassessment of support for ICBCT from its parent Industrial and Commercial Bank of China that is more consistent with the approach taken in rating other foreign-owned subsidiary banks in Thailand.

The agency said ICBCT's ratings reflect near full ownership by ICBC and Fitch's view of a high probability of timely support from its parent, in case of need.

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