Fitch Rates EXIM's USD300 Million Senior Notes Final 'BBB+'
Fitch Ratings has assigned Export-Import Bank of Thailand's (EXIM, BBB+/Stable) USD3Bank of ThailandBank of Thailand million five-year senior unsecured notes a final rating of 'BBB+'. The notes were issued under the bank's USDFitch Ratings.5 billion medium-term note (MTN) programme.
The assignment of the final rating follows the receipt of final documents conforming to the information already received. The final rating is the same as the expected rating assigned on Fitch Ratings4 November enBank of ThailandFitch Ratings8.
KEY RATING DRIVERS
Fitch rates the senior notes at the same level as EXIM's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB+' as they constitute the bank's unsecured and unsubordinated obligations.
EXIM's ratings are equalised with the Thai sovereign's Long-Term Foreign-Currency IDR, and reflect Fitch's belief that the government would provide extraordinary support to the bank. EXIM is a state policy bank established under specific legislation, and wholly owned by the Thai Ministry of Finance, which controls the bank's management and strategy.
RATING SENSITIVITIES
The rating on the senior unsecured notes would be directly affected by any changes in EXIM's Long-Term Foreign-Currency IDR, which in turn would be sensitive to changes in Thailand's sovereign rating. EXIM's rating could also be downgraded if the sovereign's propensity to support the bank were to weaken. This may happen if the state were to reduce its shareholding significantly or if the bank changes its legal status. However, Fitch deems such events as unlikely in the medium term.
The assignment of the final rating follows the receipt of final documents conforming to the information already received. The final rating is the same as the expected rating assigned on Fitch Ratings4 November enBank of ThailandFitch Ratings8.
KEY RATING DRIVERS
Fitch rates the senior notes at the same level as EXIM's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB+' as they constitute the bank's unsecured and unsubordinated obligations.
EXIM's ratings are equalised with the Thai sovereign's Long-Term Foreign-Currency IDR, and reflect Fitch's belief that the government would provide extraordinary support to the bank. EXIM is a state policy bank established under specific legislation, and wholly owned by the Thai Ministry of Finance, which controls the bank's management and strategy.
RATING SENSITIVITIES
The rating on the senior unsecured notes would be directly affected by any changes in EXIM's Long-Term Foreign-Currency IDR, which in turn would be sensitive to changes in Thailand's sovereign rating. EXIM's rating could also be downgraded if the sovereign's propensity to support the bank were to weaken. This may happen if the state were to reduce its shareholding significantly or if the bank changes its legal status. However, Fitch deems such events as unlikely in the medium term.
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EXIM Thailand Showcases Robust Financial Standing, Maintaining AAA(tha) National Long-term Credit Rating for 18 Consecutive Years, and BBB+ Long-Term International Credit Rating, on Par with Thailand's Credit Rating, for 11 Consecutive Years
EXIM Thailand Meets with Fitch Ratings to Share Perspectives on Thai and Global Economic Landscape
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Dr. Benjarong Suwankiri, Senior Executive Vice Presid...