Fitch Rates ICBCTL's Senior Notes 'AAA(tha)'

The proceeds will be used for refinancing
and general operations.

KEY RATING DRIVERS

ICBCTL's senior notes are rated at the
same level as its National Long-Term Rating as they represent the company's
unsecured and unsubordinated obligations.

ICBCTL's National Long-Term Rating is
based on Fitch's view that the company is a core subsidiary of Industrial and
Commercial Bank of China (Thai) Public Company Limited (ICBCT;
AAA(tha)/Stable/F1+(tha)). ICBCTL has an important role in supporting the
bank's hire purchase, finance lease and factoring business, which comprised 38%
of ICBCT's revenue and profit in 2019. ICBCTL is also closely integrated with
its 100% parent, shares the same brand and continues to receive ordinary financial
support.

RATING SENSITIVITIES

The note ratings are sensitive to changes
in ICBCTL's National Long-Term Rating, which is at the top-end of the scale and
therefore has no upside.

Any changes in the perceived propensity of
ICBCT to support ICBCTL could lead to rating action on the National Ratings of
ICBCTL and its senior debt. This may occur if ICBCT reduces its ownership to
below 75%, withdraws its financial commitment or undertakes actions that
indicate a significantly lower propensity to provide support. ICBCT's ratings
are, in turn, sensitive to a change in its parent's ability and propensity to
provide extraordinary support. However, Fitch believes this is unlikely to
occur in the near term.

For full details on the rating drivers and
sensitivities for ICBCT and ICBCTL, please see our rating action commentary,
Fitch Affirms ICBCT and ICBCTL at 'AAA(tha)'; Outlook Stable, published 2
September 2019.

DATE OF RELEVANT COMMITTEE

30 August 2019

Additional information is available on
www.fitchratings.com

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