Fitch rates ICBC (Thai) debt AA+(tha)

Fitch Ratings (Thailand) said it assigned a national long-term rating of AA+(tha) to the upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures of Industrial and Commercial Bank of China (Thai) PCL (AAA(tha)/stable).

The debentures will have a tenor of 10½ years with a redemption option.

Proceeds will be used to fund expansion of the bank's loan portfolio and boost its total capital ratio.

Fitch said it rates the debentures one notch below ICBC (Thai)’s national long-term rating of AAA(tha) to reflect their higher loss-severity risk compared to senior unsecured instruments.

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