Fitch Rates Thai ORIX Leasing#s Guaranteed Bonds #AAA(tha)(EXP)#

Stocks and Financial Services Press Releases Monday October 16, 2017 16:17
Bangkok--16 Oct--Fitch Ratings

Fitch Ratings (Thailand) has assigned an expected National Long-Term Rating of 'AAA(tha)(EXP)' to guaranteed bonds of up to THB1.30 billion to be issued by Thai ORIX Leasing Company Limited (TOLC). The Outlook is Stable.

The final rating for the upcoming issuance is contingent upon receipt of final documents conforming to information already received and the Office of Securities and Exchange Commission's approval of the bond issuance.

KEY RATING DRIVERS

The National Long-Term Rating on the guaranteed bonds is based entirely on irrevocable and unconditional guarantees provided by Japan-based ORIX Corporation (ORIX; A-/Stable), which is TOLC's parent. ORIX's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A-' is higher than Thailand's Long-Term Local-Currency IDR of 'BBB+' and it therefore corresponds to 'AAA(tha)', the highest rating on Thailand's national rating scale.

For further information on TOLC, please refer to the rating action commentary Fitch Affirms Thai ORIX Leasing's THB Guaranteed Bonds at 'AAA(tha)', dated 21 September 2017. For more information on ORIX, please refer to the full rating report ORIX Corporation, dated 30 August 2017, and to the rating action commentary Fitch Affirms ORIX's Ratings at 'A-'; Outlook Stable, dated 9 August 2017.

RATING SENSITIVITIES
The 'AAA(tha)' rating on TOLC's guaranteed bonds is already at the highest level on the national rating scale, so a rating upgrade is not possible.

A downgrade could be triggered if ORIX's Long-Term Foreign-Currency IDR were to be lowered to below Thailand's Long-Term Local-Currency IDR, either by a downgrade of ORIX itself or an upgrade of Thailand above ORIX. However, both scenarios appear unlikely to occur in the near term given the Stable Outlook of ORIX's and Thailand's ratings.


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