Fitch Affirms SMBC Bangkok Branch#s THB Notes at #AAA(tha)#

Stocks and Financial Services Press Releases Thursday December 13, 2018 16:29
Bangkok--13 Dec--Fitch Ratings
Fitch Ratings (Thailand) has affirmed the National Long-Term Ratings on Sumitomo Mitsui Banking Corporation, Bangkok Branch's (SMBC Bangkok Branch) Thai baht-denominated senior unsecured notes at 'AAA(tha)'.

The note ratings are based on the Long-Term Foreign-Currency Issuer Default Rating (IDR) of SMBC Bangkok Branch's parent, Sumitomo Mitsui Banking Corporation (SMBC, A/Stable/F1), which is above Thailand's Long-Term Local-Currency IDR of 'BBB+' and corresponds to a 'AAA(tha)' National Rating, the highest level on Thailand's National Rating scale.

See Fitch Affirms Ratings on Japanese Major Banks, dated 7 December 2018, for information on SMBC.
A downgrade could be triggered if SMBC's Long-Term Foreign-Currency IDR was at or below Thailand's Long-Term Local-Currency IDR, whether by a downgrade of the bank's rating or an upgrade of Thailand's rating.
An upgrade on SMBC Bangkok Branch's senior unsecured notes is not possible, as the rating is already at the highest level on the National Rating scale.
The rating actions are as follows:
National Long-Term Rating on THB3.5 billion 2.09% senior unsecured notes due November 2019 affirmed at 'AAA(tha)'
National Long-Term Rating on THB4.0 billion 2.00% senior unsecured notes due August 2020 affirmed at 'AAA(tha)'
National Long-Term Rating on THB2.0 billion 2.66% senior unsecured notes due November 2021 affirmed at 'AAA(tha)'

Latest Press Release

Photo Release: EXIM Thailand Provides 3 Million USD Loan to Lao PDRs BCEL to Boost Lao PDRs Import from Thailand

Mr. Pisit Serewiwattana (second right), President of Export-Import Bank of Thailand (EXIM Thailand), Mr. Phoukhong Chanthachak (second left), General Managing Director of Banque Pour Le Commerce Exterieur Lao Public (BCEL), recently witnessed the signing...

CIMB Group Announces New CEO for CIMB Thai

CIMB Group ("CIMB" or "the Group") today announces the appointment of Khun Adisorn Sermchaiwong as President and Chief Executive Officer for CIMB Thailand, effective 19 October 2019. The appointment is part of the Group's long-term strategy to ensure...

PwC Thailand urges business operators to prepare themselves and get ready for amendments to the law relating to anti-profit shifting through transfer pricing and the Personal Data Protection Act

PwC Thailand advises business operators to prepare themselves to be ready for changes in the law and tax rules and regulations after the transfer pricing provisions were enacted into law, and the effects of the new accounting standard on tax compliance....

Company finances at risk due to perpetual bonds being reclassified as debt in 2020, PwC Thailand warns

PwC Thailand has warned about changes in the way financial instruments are classified under the new Thai Accounting Standards (TAS 32). This standard may result in perpetual bonds being reclassified from equity to liabilities in financial...

KASIKORNBANK announced the nine-month period of 2019 net profit of Baht 29,924 Million

Ms. Kattiya Indaravijaya, President of KASIKORNBANK, said Thai economic activity in the third quarter of 2019 continued to see few supports, after growing by 2.30% in the second quarter of 2019. The Thai economy showed signs of strength in the third...

Related Topics