FITCH RATINGS Press Releases http://www.thailand4.com/fitchratings/ Fitch Downgrades CGS-CIMB TH to #A(tha)/F1(tha)#; Off Outlook Stable 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 th-TH Wed, 21 Nov 2018 23:32:57 +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 Fitch Rates AEON Thana Sinsap#s THB Notes #A-(tha)# http://www.thailand4.com/.fin/2018-10-08/1156594c64acdd998db1d851ec189567/ Fitch Ratings (Thailand) has assigned AEON Thana Sinsap (Thailand) Public Company Limited#s ( A-(tha)/Stable) upcoming issue of Thai baht-denominated senior unsecured notes a National Long-Term Rating of #A-(tha)#. Proceeds of the issuance will be http://www.thailand4.com/.fin/2018-10-08/1156594c64acdd998db1d851ec189567/ Mon, 08 Oct 2018 16:31:30 +0700 Fitch Rates THB Notes Issued by SMBC#s Bangkok Branch #AAA(tha)# http://www.thailand4.com/.fin/2018-10-04/140f3e3a360f37806082bdbd3ac8f53d/ Fitch Ratings (Thailand) has assigned Sumitomo Mitsui Banking Corporation#s ( A/Stable/F1) upcoming issuance of up to THB3 billion in senior unsecured notes a National Long-Term Rating of #AAA(tha)#. The tenure for the notes will be up to three http://www.thailand4.com/.fin/2018-10-04/140f3e3a360f37806082bdbd3ac8f53d/ Thu, 04 Oct 2018 17:32:10 +0700 Fitch Ratings: Thailand Resilient to Rising Global Risks http://www.thailand4.com/.fin/2018-10-02/a733cad8f4bfcf49797a31129eccc36d/ Thailand#s economy and banks should be able to weather heightening global risks from rising US interest rates, although escalating trade wars could pressure global growth next year, according to sovereign and banking analysts at Fitch Ratings# annual http://www.thailand4.com/.fin/2018-10-02/a733cad8f4bfcf49797a31129eccc36d/ Tue, 02 Oct 2018 16:23:54 +0700 Fitch Affirms Siam Future at #BBB(tha)#; Outlook Stable http://www.thailand4.com/.fin/2018-09-28/b0e2857eaa0d1ebaa69515689125b8a4/ Fitch Ratings (Thailand) Limited has affirmed Siam Future Development Public Company Limited#s (SF) National Long-Term Rating at #BBB(tha)# with a Stable Outlook, National Short-Term Rating at #F3(tha)# and outstanding senior unsecured debentures at http://www.thailand4.com/.fin/2018-09-28/b0e2857eaa0d1ebaa69515689125b8a4/ Fri, 28 Sep 2018 15:38:53 +0700 Fitch Rates ICBCTL#s Senior Notes #AAA(tha)# http://www.thailand4.com/.fin/2018-09-24/1542ef0230245c20af3b6cf1a7125f85/ Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited#s (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of #AAA(tha)#. The notes will be issued under ICBCTL#s THB30 http://www.thailand4.com/.fin/2018-09-24/1542ef0230245c20af3b6cf1a7125f85/ Mon, 24 Sep 2018 16:18:30 +0700 Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable http://www.thailand4.com/.fin/2018-09-21/99a0c12cbf03cf702b7fa96ea2718828/ 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 http://www.thailand4.com/.fin/2018-09-21/99a0c12cbf03cf702b7fa96ea2718828/ Fri, 21 Sep 2018 17:23:04 +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