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.


Latest Press Release

USD120,000 at stake in CIMBs 3D Conquest to unearth ASEANs top #digital talents Competition sets path for nurturing crucial skills in data science, FinTech and coding among tertiary students

CIMB Group Holdings Berhad ("the Group" or "CIMB") has launched the CIMB 3D Conquest, a competition that aims to identify and attract ASEAN's top creative, young digital talent with an agile and entrepreneurial mindset. Open to all tertiary students, the...

Allianz to become Worldwide Olympic Insurance Partner

The International Olympic Committee (IOC) and Allianz today announced that the insurer will join the "Worldwide Olympic Partner" (TOP) Programme in 2021. Through this sponsorship agreement, Allianz will work with the IOC to provide innovative and...

BYFX Global Co., Limited Announces Business Launch

BYFX Global Co., Limited (BYFX Global) today announced the launch of its retail and institutional business -- offering clients around the globe top-tier liquidity and online OTC trading for Spot FX and Spot Bullion[1]. Striving towards financial...

2018 Robot World to Suggest Direction for the Fourth Industrial Revolution

Showcasing the latest robot technologies from around the world, the 2018 Robot World will be held at KINTEX, Korea from October 10-13, 2018. The Robot World (eng.robotworld.or.kr/wp), celebrating its 13th anniversary this year, consists of four main...

ชวนผู้ประกอบการเรียนรู้เส้นทางความสำเร็จของสตาร์ทอัพแอปพลิเคชัน เคลมดิ อังคาร 25 ก.ย. นี้

ตลาดหลักทรัพย์ฯ ขอเชิญผู้ประกอบการ Social Enterprise (SE) SMEs และ Startup ร่วมอบรมครั้งพิเศษในโครงการ SET Social Impact Gym หัวข้อ "Fintech vs Social Startup... Lesson Learned..." พบกับสตาร์ทอัพเจ้าของแอปพลิเคชัน "เคลมดิ" (Claim Di)...

Related Topics