Fitch Affirms Thai ORIX Leasing#s THB Guaranteed Bonds at #AAA(tha)#

Stocks and Financial Services Press Releases Monday June 18, 2018 16:19
Bangkok--18 Jun--Fitch Ratings

Fitch Ratings (Thailand) has affirmed the National Long-Term Ratings of Thai ORIX Leasing Company Limited's (TOLC) Thai baht-denominated guaranteed bonds at 'AAA(tha)'. The Outlook is Stable. A full list of rating actions is at the end of this commentary.


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

TOLC provides financial services covering hire-purchase as well as finance and operating leases for office and transportation equipment and production machinery. TOLC is closely integrated with its parent, as evidenced by consistent support in terms of operation, finance and brand association. TOLC's assets made up about 0.5% of ORIX's total assets at end-September 2017.

For more information on ORIX, please see our credit update, dated 30 August 2017, and rating action commentary, Fitch Affirms ORIX's Ratings at 'A-', Outlook Stable, dated 9 August 2017.
There is no upside to the ratings, as TOLC's guaranteed bonds are rated at the highest level on Thailand's National Rating scale.
The bond ratings could be downgraded if ORIX's Long-Term Foreign-Currency IDR was at or below Thailand's Long-Term Local-Currency IDR, either by a downgrade of ORIX or an upgrade of Thailand.
The rating actions are as follows:
THB1.0 billion 2.11% guaranteed bond due November 2021 National Long-Term Rating affirmed at 'AAA(tha)'. Outlook Stable
THB1.1 billion 2.14% guaranteed bond due November 2019 National Long-Term Rating affirmed at 'AAA(tha)'. Outlook Stable
THB0.3 billion 2.43% guaranteed bond due November 2022 National Long-Term Rating affirmed at 'AAA(tha)'. Outlook Stable
THB0.4 billion 2.51% guaranteed bond due November 2021 National Long-Term Rating affirmed at 'AAA(tha)'. Outlook Stable
THB0.5 billion 3.25% guaranteed bond due April 2020 National Long-Term Rating affirmed at 'AAA(tha)'. Outlook Stable

Latest Press Release

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics