FITCH RATING Press Releases http://www.thailand4.com/fitchrating/ Fitch Affirms FTREIT at #A(tha)# and Withdraws Ratings Fitch Ratings (Thailand) Limited has affirmed Frasers Property Thailand Industrial Freehold & Leasehold REIT's (FTREIT) National Long-Term Rating and its national senior unsecured rating at 'A(tha)'. The Outlook is Stable. Fitch has simultaneously th-TH Sat, 16 Feb 2019 6:48:56 +0700 Fitch Ratings: Competition to Weigh on Thai Telcos# Profitability http://www.thailand4.com/.evnt/2019-02-13/8d9f82c6b6cb3881e4a662c10ef8dcf0/ The latest quarterly results of two major Thai telecom operators signal a challenging outlook for the sector amid intense competition, says Fitch Ratings. The agency expects domestic telcos to embark on aggressive marketing activities, which are likely http://www.thailand4.com/.evnt/2019-02-13/8d9f82c6b6cb3881e4a662c10ef8dcf0/ Wed, 13 Feb 2019 13:58:09 +0700 Fitch Assigns SHREIT Final #BB+(tha)# Rating, Outlook Stable http://www.thailand4.com/.fin/2019-02-05/dee2eba0df57af5b6ab8d8b2e96fd0af/ Fitch Ratings (Thailand) Limited has assigned Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) a final National Long-Term Rating of #BB+(tha)#, which has been downgraded from the #BBB(tha)(EXP)# expected http://www.thailand4.com/.fin/2019-02-05/dee2eba0df57af5b6ab8d8b2e96fd0af/ Tue, 05 Feb 2019 18:02:36 +0700 Fitch Rates Siam Cement#s New Debentures #A+(tha)# http://www.thailand4.com/.fin/2019-01-31/c9ce8577c50f0cf3904159fe227cdb61/ Fitch Ratings (Thailand) Limited has assigned a National Long-Term Rating of #A+(tha)# to The Siam Cement Public Company Limited#s (SCC, A+(tha); Stable) new THB15 billion unsecured and unsubordinated debentures - No.1/2562 - due 2023. The proceeds will http://www.thailand4.com/.fin/2019-01-31/c9ce8577c50f0cf3904159fe227cdb61/ Thu, 31 Jan 2019 17:54:34 +0700 Fitch Rates Siam Commercial Bank#s USD Senior Notes Final #BBB+# http://www.thailand4.com/.fin/2019-01-30/e1d09111d146b37c64896c84cadb43bc/ Fitch Ratings has assigned a final rating of #BBB+# to The Siam Commercial Bank Public Company Limited#s ( BBB+/Stable/bbb+) USD500 million senior unsecured notes maturing in February 2024 and USD500 million senior unsecured notes maturing in http://www.thailand4.com/.fin/2019-01-30/e1d09111d146b37c64896c84cadb43bc/ Wed, 30 Jan 2019 18:13:10 +0700 Fitch Rates Siam Commercial Bank#s USD Senior Notes #BBB+(EXP)# http://www.thailand4.com/.fin/2019-01-28/c791551e7a1666fa44505b2c036a2ff9/ Fitch Ratings has assigned an expected #BBB+(EXP)# rating to The Siam Commercial Bank Public Company Limited#s ( BBB+/Stable/bbb+) proposed US dollar senior unsecured notes, which will be issued under the USD3.5 billion medium-term note (MTN) http://www.thailand4.com/.fin/2019-01-28/c791551e7a1666fa44505b2c036a2ff9/ Mon, 28 Jan 2019 15:53:45 +0700 Fitch Ratings: GPSC#s Debt to Rise Ratings Still on Watch http://www.thailand4.com/.fin/2019-01-24/2e5605d39ddd998aa683aeec49721c27/ Fitch Ratings says Global Power Synergy Public Company Limited#s (GPSC, A+(tha)/Rating Watch Negative) plan to invest in the Energy Recovery Unit Project (ERU) - a 250 MW thermal power plant that is part of Thai Oil Public Company Limited#s (TOP, http://www.thailand4.com/.fin/2019-01-24/2e5605d39ddd998aa683aeec49721c27/ Thu, 24 Jan 2019 14:36:04 +0700 Fitch Rates KTB Securities# THB Subordinated Debentures #BB-(tha)# http://www.thailand4.com/.fin/2019-01-22/0e37ea8d9ec5a41a6787423b4f7a2898/ Fitch Ratings (Thailand) has today assigned a National Long-Term Rating of #BB-(tha)# to KTB Securities (Thailand) Public Company Limited#s ( BB(tha)/Stable) upcoming issue of up to THB400 million in subordinated debentures. The debentures will http://www.thailand4.com/.fin/2019-01-22/0e37ea8d9ec5a41a6787423b4f7a2898/ Tue, 22 Jan 2019 10:01:02 +0700 Fitch Ratings: Dispute Settlement Costs Trim DTAC#s Rating Headroom http://www.thailand4.com/.fin/2019-01-11/c72b4f45eb351356e7db21a93404f8cf/ The announcement by Thailand#s third-largest mobile operator, Total Access Communication Public Company Limited ( BBB/AA(tha)/Stable), that it has agreed to a settlement with state-owned CAT Telecom Public Company Limited (CAT) potentially reduces http://www.thailand4.com/.fin/2019-01-11/c72b4f45eb351356e7db21a93404f8cf/ Fri, 11 Jan 2019 17:24:24 +0700 Fitch Rates MBKET#s Thai Baht Subordinated Debentures #AA(tha)# http://www.thailand4.com/.fin/2019-01-08/45796496b992ebd79b715b3d5ce5575b/ Fitch Ratings (Thailand) has today assigned a National Long-Term Rating of #AA(tha)# to Maybank Kim Eng Securities (Thailand) Public Company Limited#s ( AA+(tha)/Stable) upcoming Thai baht-denominated subordinated debentures. MBKET will issue up to http://www.thailand4.com/.fin/2019-01-08/45796496b992ebd79b715b3d5ce5575b/ Tue, 08 Jan 2019 16:40:35 +0700 Fitch Ratings: Concession Wins to Lift PTT#s Reserves and Output http://www.thailand4.com/.fin/2018-12-18/e23ea63338736c9607fe79777ef52659/ PTT Exploration and Production Public Company Limited#s (PTTEP) successful bid for rights to the Erawan and Bongkot fields will boost the group#s reserves and production profile, Fitch Ratings says. PTTEP is the exploration and production arm of PTT http://www.thailand4.com/.fin/2018-12-18/e23ea63338736c9607fe79777ef52659/ Tue, 18 Dec 2018 17:19:17 +0700 Fitch Affirms BAFS at #A+(tha)#; Maintains Negative Outlook http://www.thailand4.com/.fin/2018-12-13/d8c6ac3bc6bb07c1e69b8f911b31d2c1/ Fitch Ratings (Thailand) Limited has affirmed Bangkok Aviation Fuel Services Public Company Limited#s (BAFS) National Long-Term Rating at #A+(tha)# and maintained Negative Outlook. Fitch has also affirmed BAFS#s National Short-Term Rating at http://www.thailand4.com/.fin/2018-12-13/d8c6ac3bc6bb07c1e69b8f911b31d2c1/ Thu, 13 Dec 2018 17:30:47 +0700 Fitch Affirms SMBC Bangkok Branch#s THB Notes at #AAA(tha)# http://www.thailand4.com/.fin/2018-12-13/bdfda4658efca6edec832b65e95e7560/ 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)#. KEY RATING DRIVERS The note ratings are based http://www.thailand4.com/.fin/2018-12-13/bdfda4658efca6edec832b65e95e7560/ Thu, 13 Dec 2018 16:29:18 +0700 Fitch Assigns Minor International#s USD Guaranteed Securities Final #BBB+# Rating http://www.thailand4.com/.fin/2018-12-07/e3e920f7aa701f6bccf1cc369ddd63c1/ Fitch Ratings has assigned Minor International Public Company Limited#s (MINT) USD300 million guaranteed senior perpetual capital securities a final rating of #BBB+#. The final rating is in line with the expected rating assigned on 23 November 2018 and http://www.thailand4.com/.fin/2018-12-07/e3e920f7aa701f6bccf1cc369ddd63c1/ Fri, 07 Dec 2018 14:48:55 +0700 Fitch Affirms Thai Life Insurance at #BBB+#; Outlook Stable http://www.thailand4.com/.fin/2018-11-28/7adab669cb9970f05d1515fb8602c03b/ Fitch Ratings has affirmed Thai Life Insurance Public Company Limited#s (TLI) Insurer Financial Strength (IFS) Rating at #BBB+# (Good) and its National IFS Rating at #AAA(tha)#. The Outlooks are Stable. KEY RATING DRIVERS The affirmation reflects TLI#s http://www.thailand4.com/.fin/2018-11-28/7adab669cb9970f05d1515fb8602c03b/ Wed, 28 Nov 2018 15:28:10 +0700 Fitch Affirms Esso (Thailand)#s Bills of Exchange at #F1(tha)# http://www.thailand4.com/.fin/2018-11-27/75fccd6615cba3b10d803b7d6f668877/ Fitch Ratings (Thailand) has affirmed the National Short-Term Rating on ESSO (Thailand) Public Company Limited#s (Esso) bills of exchange revolving programme of up to THB12 billion at #F1(tha)#. The maturity of each series of bills is no more than 270 http://www.thailand4.com/.fin/2018-11-27/75fccd6615cba3b10d803b7d6f668877/ Tue, 27 Nov 2018 16:56:14 +0700 Fitch Affirms Five Thai State Policy Banks http://www.thailand4.com/.fin/2018-11-27/16e12a2a35d16be7fbdecb2e2b2bf0da/ The affirmations reflect Fitch#s view that the banks would benefit from a high probability of state support if needed. EXIM#s Issuer Default Ratings (IDRs) and senior debt rating are at the same level as that of the sovereign (BBB+/Stable/F2). The http://www.thailand4.com/.fin/2018-11-27/16e12a2a35d16be7fbdecb2e2b2bf0da/ Tue, 27 Nov 2018 16:28:44 +0700 Fitch Assigns First-Time #BBB+(EXP)# to Minor International#s USD Guaranteed Securities http://www.thailand4.com/.fin/2018-11-23/702d183b955f222238aa5af96f4276f4/ Fitch Ratings has assigned Minor International Public Company Limited#s (MINT) proposed guaranteed senior perpetual capital securities an expected rating of #BBB+(EXP)#. The rating reflects the credit enhancement provided to investors by the http://www.thailand4.com/.fin/2018-11-23/702d183b955f222238aa5af96f4276f4/ Fri, 23 Nov 2018 17:32:18 +0700 Fitch Rates EXIM#s USD300 Million Senior Notes Final #BBB+# http://www.thailand4.com/.fin/2018-11-22/436830e93dbef1e23b861f774fd22746/ Fitch Ratings has assigned Export-Import Bank of Thailand#s (EXIM, BBB+/Stable) USD300 million five-year senior unsecured notes a final rating of #BBB+#. The notes were issued under the bank#s USD1.5 billion medium-term note (MTN) programme. The http://www.thailand4.com/.fin/2018-11-22/436830e93dbef1e23b861f774fd22746/ Thu, 22 Nov 2018 18:06:09 +0700 Fitch Downgrades CGS-CIMB TH to #A(tha)/F1(tha)#; Off Outlook Stable http://www.thailand4.com/.fin/2018-11-19/2b417f17ff42dda66249114aeffbe6dc/ Fitch Ratings (Thailand) has downgraded CGS-CIMB Securities (Thailand) Co., Ltd.#s (CGS-CIMB TH) National Long-Term Rating to #A(tha)# from #AA-(tha)# and National Short-Term Rating to #F1(tha)# from #F1+(tha)#. All ratings have been removed from Rating http://www.thailand4.com/.fin/2018-11-19/2b417f17ff42dda66249114aeffbe6dc/ Mon, 19 Nov 2018 15:18:58 +0700 Fitch Rates EXIM#s USD Senior Notes #BBB+(EXP)# http://www.thailand4.com/.fin/2018-11-15/69aff6416461d584af2cec6d18c7df15/ Fitch Ratings has assigned an expected rating of #BBB+(EXP)# to Export-Import Bank of Thailand#s (EXIM, BBB+/Stable) five-year senior unsecured notes of up to USD300 million. The notes will be issued under the bank#s USD1.5 billion medium-term note (MTN) http://www.thailand4.com/.fin/2018-11-15/69aff6416461d584af2cec6d18c7df15/ Thu, 15 Nov 2018 16:34:18 +0700 Fitch Ratings: Global Power Synergy Still on Watch after Appeal of Regulator Decision http://www.thailand4.com/.fin/2018-11-14/091efe3ce3b9eb00ffd3fddb9da7e78b/ The ratings on Global Power Synergy Public Company Limited (GPSC) remain on Rating Watch Negative (RWN) after the company said it submitted an appeal of the Energy Regulatory Commission#s (ERC) order to block GPSC#s acquisition of GLOW Energy Public http://www.thailand4.com/.fin/2018-11-14/091efe3ce3b9eb00ffd3fddb9da7e78b/ Wed, 14 Nov 2018 16:58:52 +0700 Fitch Affirms Makro#s Rating at #A(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-11-14/162596278ff76d94d15168e40501dadc/ Fitch Ratings (Thailand) Limited has affirmed Siam Makro Public Company Limited#s National Long-Term Rating at #A(tha)#. The Outlook is Stable. KEY RATING DRIVERS Overseas Expansion Drives Rising Leverage: Makro#s funds from operations (FFO) adjusted http://www.thailand4.com/.fin/2018-11-14/162596278ff76d94d15168e40501dadc/ Wed, 14 Nov 2018 13:48:55 +0700 Fitch Affirms CP ALL#s Ratings at #A(tha)#; OutlookStable http://www.thailand4.com/.fin/2018-11-14/b22e001c679bc457830a792e5f1bd17d/ Fitch Ratings (Thailand) Limited has affirmed retailer CP ALL Public Company Limited#s National Long-Term Rating at #A(tha)# with a Stable Outlook. Fitch has also affirmed the National Long-Term Rating of its secured bonds at #A(tha)#, the National http://www.thailand4.com/.fin/2018-11-14/b22e001c679bc457830a792e5f1bd17d/ Wed, 14 Nov 2018 12:36:44 +0700 Fitch Rates Advanced Wireless Network#BBB+#; Stable Outlook http://www.thailand4.com/.fin/2018-11-01/e05b2dbc4d7f9c97037663118724c7c0/ Fitch Ratings has assigned Thailand-based telecommunications company Advanced Wireless Network Company Limited (AWN) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of#BBB+#. The Outlooks are Stable. KEY RATING DRIVERS Ratings http://www.thailand4.com/.fin/2018-11-01/e05b2dbc4d7f9c97037663118724c7c0/ Thu, 01 Nov 2018 16:42:58 +0700 Fitch Ratings: 900MHz Spectrum Win Positive for DTAC#s Growth http://www.thailand4.com/.fin/2018-10-30/208d79d9e6f283f16169e0aed6c65c1d/ Thai telco Total Access Communication Public Company Limited#s ( BBB/AA(tha)/Stable) market position is likely to strengthen after it secured 900MHz spectrum at an auction, which plugs the gap in its spectrum portfolio that had constrained its http://www.thailand4.com/.fin/2018-10-30/208d79d9e6f283f16169e0aed6c65c1d/ Tue, 30 Oct 2018 16:17:13 +0700 Fitch Affirms Muang Thai Life at #BBB+#; Outlook Stable http://www.thailand4.com/.fin/2018-10-29/8a32c691d0eaf5e06ab13fc6a6e5675c/ Fitch Ratings has affirmed Muang Thai Life Assurance Public Company Limited#s (MTL) Insurer Financial Strength (IFS) Rating at #BBB+# (Good) and National IFS Rating at #AAA(tha)#. The Outlooks are Stable. KEY RATING DRIVERS The affirmation reflects the http://www.thailand4.com/.fin/2018-10-29/8a32c691d0eaf5e06ab13fc6a6e5675c/ Mon, 29 Oct 2018 14:46:28 +0700 Fitch Affirms AIS at #BBB+#/#AA+(tha)#, AWN at #AA+(tha)# http://www.thailand4.com/.fin/2018-10-17/80c1c223b965ff595b42e9e358a4d080/ Fitch Ratings has affirmed Thailand-based telecommunications company Advanced Info Service Public Company Limited#s (AIS) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at #BBB+# with a Stable Outlook. The agency has also affirmed http://www.thailand4.com/.fin/2018-10-17/80c1c223b965ff595b42e9e358a4d080/ Wed, 17 Oct 2018 16:56:34 +0700 Fitch Affirms DTAC at #BBB/AA(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-10-16/a4d14f47e29351d6d9ee7c572e153fae/ Fitch Ratings has affirmed Thailand-based telecommunications company Total Access Communication Public Company Limited#s (DTAC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at #BBB# with a Stable Outlook. The agency has also http://www.thailand4.com/.fin/2018-10-16/a4d14f47e29351d6d9ee7c572e153fae/ Tue, 16 Oct 2018 15:32:14 +0700 Fitch Affirms TASCO at #A-(tha)#/Stable and Withdraws Ratings http://www.thailand4.com/.fin/2018-10-12/b94540fa1cc7b00a2bca759d6a7e7c9c/ Fitch Ratings (Thailand) Limited has affirmed Tipco Asphalt Public Company Limited#s (TASCO) National Long-Term Rating at #A-(tha)# and its National Short-Term Rating at #F2(tha)#. The Outlook is Stable. Fitch has simultaneously chosen to withdraw http://www.thailand4.com/.fin/2018-10-12/b94540fa1cc7b00a2bca759d6a7e7c9c/ Fri, 12 Oct 2018 17:37:44 +0700