FITCH RATINGS Press Releases http://www.thailand4.com/fitchratings/ Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited's (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Outlook. At the same time, the agency has affirmed SCBT's National th-TH Sun, 23 Sep 2018 0:16:49 +0700 Fitch Rates Bangkok Bank#s USD Senior Notes Final #BBB+# http://www.thailand4.com/.fin/2018-09-17/15b536d829bb266081bcbc70be5c7896/ Fitch Ratings has assigned Bangkok Bank Public Company Limited#s ( BBB+/Stable/bbb+) USD1.2 billion senior unsecured notes a final rating of #BBB+#. The notes will be issued in two tranches, USD600 million for each tranche. The two tranches will have http://www.thailand4.com/.fin/2018-09-17/15b536d829bb266081bcbc70be5c7896/ Mon, 17 Sep 2018 14:37:38 +0700 Fitch Rates Bangkok Bank#s Proposed USD Senior Notes #BBB+(EXP)# http://www.thailand4.com/.fin/2018-09-13/e86615622e7f23cf3f08705d51733c0f/ Fitch Ratings has assigned Bangkok Bank Public Company Limited#s ( BBB+/Stable/bbb+) proposed US dollar denominated senior unsecured notes an expected #BBB+(EXP)# rating. The notes will be issued under BBL#s USD3.0 billion global medium-term note http://www.thailand4.com/.fin/2018-09-13/e86615622e7f23cf3f08705d51733c0f/ Thu, 13 Sep 2018 9:25:16 +0700 Fitch: ThaiBev#s Larger Issuance Won#t Affect Rating on Bond http://www.thailand4.com/.fin/2018-09-11/61661eb311f04be7e5f13b4acebaf0b7/ Fitch Ratings (Thailand) Limited says there will be no rating impact on the #AA(tha)# rating on Thai Beverage Public Company Limited#s (ThaiBev, BBB-/AA(tha)/Stable) new senior unsecured debentures after the company increased the size of the issuance to http://www.thailand4.com/.fin/2018-09-11/61661eb311f04be7e5f13b4acebaf0b7/ Tue, 11 Sep 2018 17:43:09 +0700 Fitch Upgrades Thailand#s TMB, TBANK, TCAP and Affirms Other Mid- and Small-Sized Banks http://www.thailand4.com/.fin/2018-09-11/7cb0dff6737746826f93afb29d7bdc6d/ Fitch Ratings has upgraded the National Long-Term Ratings of Thailand-based TMB Bank Public Company Limited and Thanachart Bank Public Company Limited (TBANK) to #AA-(tha)#, from #A+(tha)#, and the National Long-Term Rating of TBANK#s holding company, http://www.thailand4.com/.fin/2018-09-11/7cb0dff6737746826f93afb29d7bdc6d/ Tue, 11 Sep 2018 10:22:45 +0700 Fitch Ratings: Diversification Shields Thai Securities Firms from Volatility http://www.thailand4.com/.fin/2018-08-29/4c705eece74bab6f4661d5a3ad579dc8/ Thai securities companies that are able to build up their franchises and continue to diversify to reduce their reliance on brokerage revenue are likely to fare better in the challenging operating environment, Fitch Ratings says. Fitch expects the http://www.thailand4.com/.fin/2018-08-29/4c705eece74bab6f4661d5a3ad579dc8/ Wed, 29 Aug 2018 16:03:36 +0700 Fitch Rates EASY BUY#s THB Senior Unsecured Bonds at #AA+(tha)# http://www.thailand4.com/.fin/2018-08-23/dc1d5879736db13e45b67087b7c8381b/ Fitch Ratings (Thailand) has assigned a National Long-Term Rating of #AA+(tha)# to EASY BUY Public Company Limited#s ( AA+(tha)/Stable) upcoming issue of up to THB1.5 billion of senior unsecured bonds. The bonds will have a maturity of two years. The http://www.thailand4.com/.fin/2018-08-23/dc1d5879736db13e45b67087b7c8381b/ Thu, 23 Aug 2018 14:55:21 +0700 Fitch Affirms BAM at #AA-(tha)#; Outlook Negative http://www.thailand4.com/.fin/2018-08-17/4509ba512555e7504bc9522b4b66af81/ Fitch Ratings (Thailand) has affirmed Bangkok Commercial Asset Management Public Company Limited#s (BAM) National Long-Term Rating at #AA-(tha)# with a Negative Outlook. A full list of rating action is at the end of this commentary. KEY RATING http://www.thailand4.com/.fin/2018-08-17/4509ba512555e7504bc9522b4b66af81/ Fri, 17 Aug 2018 18:52:04 +0700 Fitch Affirms AEON Thana Sinsap at #A-(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-08-17/db24564edf06af523b879c62e7ca5f1e/ Fitch Ratings (Thailand) has affirmed the National Long-Term Rating of AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS) at #A-(tha)# with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. KEY http://www.thailand4.com/.fin/2018-08-17/db24564edf06af523b879c62e7ca5f1e/ Fri, 17 Aug 2018 15:47:42 +0700 Fitch Downgrades CIMBT to #AA-(tha)#; Maintains RWN on CGS-CIMB TH http://www.thailand4.com/.fin/2018-08-16/3c617aa2c7f8218202514ae856c1438d/ Fitch Ratings (Thailand) has downgraded CIMB Thai Bank Public Company Limited#s (CIMBT) National Long-Term Rating to #AA-(tha)# from #AA(tha)#. The agency has also downgraded the guaranteed bonds issued by subsidiary, CIMB Thai Auto Co., Ltd. (CIMBT http://www.thailand4.com/.fin/2018-08-16/3c617aa2c7f8218202514ae856c1438d/ Thu, 16 Aug 2018 9:50:27 +0700 Fitch Ratings: Further Growth for Thailand#s Competitive Non-Life Insurers http://www.thailand4.com/.fin/2018-08-06/b03bd970fc8131f091bbac69f7958c6a/ Better economic prospects, with a pick-up in consumer purchasing power, should support continued premium growth for Thailand#s motor, industrial and property and marine insurance segments for the remainder of 2018. However, profitability could be http://www.thailand4.com/.fin/2018-08-06/b03bd970fc8131f091bbac69f7958c6a/ Mon, 06 Aug 2018 15:38:29 +0700 Fitch Rates ThaiBev#s Unsecured THB Debentures #AA(tha)# http://www.thailand4.com/.fin/2018-08-03/b2247a92646e3a3d5c826632221c70b7/ Fitch Ratings (Thailand) Limited has assigned Thai Beverage Public Company Limited#s (ThaiBev, BBB-/AA(tha)/Stable) new senior unsecured debentures amounting to THB70 billion a National Long-Term Rating of #AA(tha)#. The debentures are in five tranches http://www.thailand4.com/.fin/2018-08-03/b2247a92646e3a3d5c826632221c70b7/ Fri, 03 Aug 2018 17:36:44 +0700 Fitch Affirms ThaiBev at #BBB-#/#AA(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-08-02/0a4d7c022176999bde073307928d181a/ Fitch Ratings-Bangkok/Singapore-02 August 2018: Fitch Ratings has affirmed Thai Beverage Public Company Limited#s (ThaiBev) Long-Term Foreign-Currency Issuer Default Rating at #BBB-#, and its National Long-Term Rating at #AA(tha)#. The Outlook is http://www.thailand4.com/.fin/2018-08-02/0a4d7c022176999bde073307928d181a/ Thu, 02 Aug 2018 17:36:52 +0700 Fitch Affirms ThaiBev at #BBB-#/#AA(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-08-02/de8d8ee44e941ffffb6715817d2e364c/ Fitch Ratings has affirmed Thai Beverage Public Company Limited#s (ThaiBev) Long-Term Foreign-Currency Issuer Default Rating at #BBB-#, and its National Long-Term Rating at #AA(tha)#. The Outlook is Stable. ThaiBev experienced challenges in its domestic http://www.thailand4.com/.fin/2018-08-02/de8d8ee44e941ffffb6715817d2e364c/ Thu, 02 Aug 2018 17:29:17 +0700 Fitch: Thai Banks# Asset Quality Stabilising in Line with Expectations http://www.thailand4.com/.fin/2018-08-01/aa59ded48ef39695ad40a568e47603f1/ The 1H18 results for listed Thai banks show that the asset-quality cycle has started to stabilise, with positive impact on banks# profitability and buffers. The trend is in line with Fitch Ratings# expectations (see Fitch: Thai Banks# Asset Quality http://www.thailand4.com/.fin/2018-08-01/aa59ded48ef39695ad40a568e47603f1/ Wed, 01 Aug 2018 15:09:20 +0700 Fitch Affirms Siam Cement at #A+(tha)#; Rates New Debentures #A+(tha)# http://www.thailand4.com/.fin/2018-07-26/7048680db057ba7269ed6d5d0db3c397/ Fitch Ratings (Thailand) Limited has affirmed the National Long-Term Rating and the senior unsecured rating of The Siam Cement Public Company Limited (SCC) at #A+(tha)#. The Outlook on the National Long-Term Rating is Stable. At the same time, Fitch has http://www.thailand4.com/.fin/2018-07-26/7048680db057ba7269ed6d5d0db3c397/ Thu, 26 Jul 2018 15:16:28 +0700 Fitch Affirms JWD InfoLogistics at #BBB+(tha)#; Outlook Negative http://www.thailand4.com/.fin/2018-07-24/3f7a259db9b2778c00249d2e519ccc1e/ Fitch Ratings (Thailand) Limited has affirmed JWD InfoLogistics Public Company Limited#s National Long-Term Rating at #BBB+(tha)#. The Outlook remains Negative. Simultaneously, the agency has affirmed JWD#s National Short-Term Rating at #F2(tha)#. The http://www.thailand4.com/.fin/2018-07-24/3f7a259db9b2778c00249d2e519ccc1e/ Tue, 24 Jul 2018 16:43:08 +0700 Fitch Affirms Mercedes-Benz (Thailand)#s MTN Programmes at #AAA(tha)# http://www.thailand4.com/.fin/2018-07-23/e80167c571605ce7a55ce209226acfad/ Fitch Ratings (Thailand) Limited has affirmed the National Long-Term Rating on Mercedes-Benz (Thailand) Limited#s (MBTh) medium-term note (MTN) programme of up to THB15 billion (MTN-2) and its THB10 billion MTN programme (MTN-1) at #AAA(tha)#. The http://www.thailand4.com/.fin/2018-07-23/e80167c571605ce7a55ce209226acfad/ Mon, 23 Jul 2018 17:13:30 +0700 Fitch Rates Navanakorn Electricity#s Thai Baht Debentures #A-(tha)# http://www.thailand4.com/.fin/2018-07-18/2ef1c987bd44c8c5fe508670dfab65ac/ Fitch Ratings (Thailand) has assigned Navanakorn Electricity Generating Company Limited#s (NNEG, A-(tha)/Stable) upcoming senior unsecured amortising debentures of up to THB6.4 billion a National Long-Term Rating of #A-(tha)#. Proceeds will be used to http://www.thailand4.com/.fin/2018-07-18/2ef1c987bd44c8c5fe508670dfab65ac/ Wed, 18 Jul 2018 17:11:41 +0700 Fitch Affirms SCB Asset Management at #Excellent(tha)# http://www.thailand4.com/.fin/2018-07-16/dca52b7fa03c865f8d98171311aef11a/ Fitch Ratings (Thailand) Limited has affirmed Thailand-based SCB Asset Management Co., Ltd#s (SCBAM) National Investment Management Quality Rating (IMQR) at #Excellent(tha)#. The Outlook is Stable. KEY RATING DRIVERS SCBAM#s National IMQR reflects its http://www.thailand4.com/.fin/2018-07-16/dca52b7fa03c865f8d98171311aef11a/ Mon, 16 Jul 2018 15:01:24 +0700 Fitch Maintains Rating Watch Negative on Thailand#s CGS-CIMB http://www.thailand4.com/.fin/2018-07-13/9937e943781c2884f13db9a25c547733/ Fitch Ratings (Thailand) has maintained the Rating Watch Negative on CGS-CIMB Securities (Thailand) Co., Ltd.#s (CGS-CIMB TH) National Long-Term Rating of #AA-(tha)# and National Short-Term Rating at #F1+(tha)#. Fitch placed CGS-CIMB TH#s ratings on http://www.thailand4.com/.fin/2018-07-13/9937e943781c2884f13db9a25c547733/ Fri, 13 Jul 2018 10:40:07 +0700 Fitch Affirms Finansa at #BBB-(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-07-13/ea3a60ad19f0be71e4919186d0668b1c/ Fitch Ratings (Thailand) has affirmed Finansa Public Company Limited#s (FNS) National Long-Term Rating at #BBB-(tha)# with a Stable Outlook. It also affirmed the company#s National Short-Term Rating at #F3(tha)#. KEY RATING DRIVERS The ratings reflect http://www.thailand4.com/.fin/2018-07-13/ea3a60ad19f0be71e4919186d0668b1c/ Fri, 13 Jul 2018 10:38:19 +0700 Fitch Upgrades Asia Plus Group Holdings to #A(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-07-13/99a9f2d452baee2440c6c0ef27a4743e/ Fitch has today upgraded the National Long-Term Rating on Asia Plus Group Holdings Public Company Limited (ASP) to #A(tha)# from #A-(tha)#. The Outlook is Stable. At the same time, the agency has upgraded ASP#s National Short-Term Rating to #F1(tha)# http://www.thailand4.com/.fin/2018-07-13/99a9f2d452baee2440c6c0ef27a4743e/ Fri, 13 Jul 2018 10:36:19 +0700 Fitch Affirms Thailand#s TOP at #AA-(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-07-13/03dca7ed1201f94f5ecd30d49b8c7730/ Fitch Ratings (Thailand) has affirmed refining and petrochemical company Thai Oil Public Company Limited#s (TOP) National Long-Term Rating at #AA-(tha)# with a Stable Outlook after the company announced its final investment decision on its clean-fuel http://www.thailand4.com/.fin/2018-07-13/03dca7ed1201f94f5ecd30d49b8c7730/ Fri, 13 Jul 2018 10:21:51 +0700 Fitch Affirms KTB Securities (Thailand) at #BB(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-07-12/551e0d3061c261de320c484e8643d8eb/ Fitch Ratings-Bangkok-12 July 2018: Fitch Ratings (Thailand) has affirmed KTB Securities (Thailand) Public Company Limited#s (KTBST) National Long-Term Rating at #BB(tha)# with a Stable Outlook and National Short-Term Rating at #B(tha)#. KEY RATING http://www.thailand4.com/.fin/2018-07-12/551e0d3061c261de320c484e8643d8eb/ Thu, 12 Jul 2018 16:39:04 +0700 Fitch Affirms Thailand#s Finansia Syrus at #BBB+(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-07-12/69beb598789534c0b812b5491178ff9b/ Fitch Ratings-Bangkok-12 July 2018: Fitch Ratings (Thailand) has affirmed Finansia Syrus Securities Public Company Limited#s (FSS) National Long-Term Rating at #BBB+(tha)# with a Stable Outlook, and its National Short-Term Rating at #F2(tha)#. KEY RATING http://www.thailand4.com/.fin/2018-07-12/69beb598789534c0b812b5491178ff9b/ Thu, 12 Jul 2018 15:31:46 +0700 Fitch: Thai Retail Developers# Large Investments Pose Risks http://www.thailand4.com/.fin/2018-07-11/03f3437d77a22657ac7b25fdcd85afa9/ Thai commercial real-estate developers# increasing need for funding and the potential growth of REITs were discussed during Fitch Ratings (Thailand) Limited#s semi-annual Property Investment Outlook briefing today. The conference also highlighted http://www.thailand4.com/.fin/2018-07-11/03f3437d77a22657ac7b25fdcd85afa9/ Wed, 11 Jul 2018 14:57:42 +0700 Fitch Assigns SHREIT Expected National Rating of #BBB(tha)(EXP)# http://www.thailand4.com/.fin/2018-07-02/b28d4dc66aaf1391186c11b13443a2e0/ Fitch Ratings (Thailand) Limited has assigned Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) an expected National Long-Term Rating of #BBB(tha)(EXP)#. The final rating is subject to the completion of the http://www.thailand4.com/.fin/2018-07-02/b28d4dc66aaf1391186c11b13443a2e0/ Mon, 02 Jul 2018 17:01:33 +0700 Fitch Places Global Power Synergy on RWN after GLOW Acquisition http://www.thailand4.com/.fin/2018-06-22/2dcfc4d7a340953cf9e9c9bea284e593/ Fitch Ratings (Thailand) has placed Global Power Synergy Public Company Limited#s (GPSC) National Long-Term Rating and senior unsecured rating of #A+(tha)# on Rating Watch Negative (RWN). This follows the 20 June 2018 announcement that GPSC will acquire http://www.thailand4.com/.fin/2018-06-22/2dcfc4d7a340953cf9e9c9bea284e593/ Fri, 22 Jun 2018 14:24:45 +0700 Fitch Affirms Thailand#s PTTGC at #AA(tha); Outlook Stable http://www.thailand4.com/.fin/2018-06-21/a9647569d456506c729244729665d02e/ Fitch Ratings (Thailand) has affirmed petrochemical and refining company PTT Global Chemical Public Company Limited#s (PTTGC) National Long-Term Rating at #AA(tha)#, its National Short-Term Rating at #F1+(tha)#, and the senior unsecured national rating http://www.thailand4.com/.fin/2018-06-21/a9647569d456506c729244729665d02e/ Thu, 21 Jun 2018 15:59:27 +0700