Fitch Affirms CIMB Thai Bank at #AA-(tha)#; Outlook Stable

Entertainment Press Releases Tuesday September 3, 2019 17:02
Bangkok--3 Sep--Fitch Ratings

Fitch Ratings has affirmed CIMB Thai Bank Public Company Limited's (CIMBT) National Long-Term Rating and the rating on its THB2 billion 2.44% notes due 2020 at 'AA-(tha)'. The Outlook is Stable. The notes are issued by CIMB Thai Auto Company Limited (CIMBT Auto) and are guaranteed unconditionally by CIMBT.


Fitch uses its institutional-support framework to rate CIMBT. The agency believes the bank would benefit from extraordinary support from its parent, CIMB Bank Berhad (CIMB). Fitch sees the Thai subsidiary as strategically important to the parent, which has a 94.8% stake in CIMBT, exercises management control and integrates the subsidiary closely with the group. The subsidiary also shares its parent's brand.

The senior short-term debt programme rating is equalised with CIMBT's National Short-Term Rating, as Fitch would regard the default of any debt instrument under the programme as a default of the bank itself.
CIMBT's unconditional and irrevocable guarantee on CIMBT Auto's bond drives the instrument's rating. CIMBT directly owns 99.99% of CIMBT Auto.

Fitch would downgrade CIMBT's National Long-Term Rating if the credit profile of its parent was to deteriorate or if the parent bank was to lower its propensity to provide extraordinary support. This could happen if the parent significantly reduced its shareholding or withheld financial and operational commitments to its Thai subsidiary. Conversely, Fitch could take positive rating action if the parent was to demonstrate greater capacity or propensity to provide support, although we do not expect this to happen in the near term.

The senior debt ratings of CIMBT are sensitive to changes in the bank's National Ratings.
The rating on CIMBT Auto's guaranteed bond would be directly affected by changes in CIMBT's National Long-Term Rating.
Additional information is available on

Latest Press Release

Saudi Joy Forum 19, A Success For The Region And World

The Joy Entertainment Industry Forum (Joy Forum 19), a two-day forum organized by the Saudi Arabian General Entertainment Authority (GEA), brought together leading global entertainment pioneers interested in investment and growth opportunities in the...

Lord of Dice: The Ultimate Anime RPG of the Year Opens for Pre-Registration

- Lord of dice is an Anime style RPG game developed and published by Ngel games, Available for pre-register now. - One of a kind unique Strategy RPG game with a mix of Japanese Anime character design, available on Android and IOS soon. Lord of Dice,...

Joy Forum19 to boost Saudi entertainment sector

The Joy Entertainment Industry Forum (Joy Forum19), takes place October 13-14 at the Ritz-Carlton in Riyadh, and brings together entertainment pioneers from around the world: - Vice President at Huawei Global Product Marketing Clement Wong - CEO of...

BBC Earth partners with Gardens by the Bay to launch Seven Worlds, One Planet

From the iconic snake vs iguana scene in Planet Earth II to the bird-eating giant trevally fish in Blue Planet II, BBC Studios' Natural History Unit has been captivating audiences across the world with its premium landmark natural history series. This...

Cle de Peau Beaute Announces Multi-Year Global Partnership with UNICEF

Partnership will empower girls around the world to claim their rights, advance their education, and unlock their boundless potential Cle de Peau Beaute, the luxury skincare and makeup brand of Tokyo-based Shiseido Company Limited, has today, on...

Related Topics