Bangkok--29 Aug--Fitch Ratings
Fitch Ratings (Thailand) Limited has today upgraded the Long-term National ratings of Mitsubishi Motors (Thailand) Company Limited’s (“MMTh”) THB5.0 billion guaranteed debentures due 2008 and THB2.0bn guaranteed debentures due 2009 to ‘AAA(tha)’ from ‘AA+(tha)’. This follows the recent upgrade on Bank of Tokyo Mitsubishi UFJ’s (“BTMU”) Long-term foreign currency Issuer Default Rating (“IDR”) to ‘A’ from ‘A-’ (A minus). The ratings are based entirely on a full, irrevocable and unconditional guarantee by BTMU. The rating Outlook is Stable.
As BTMU’s rating is at the same level as the Thai sovereign’s (rated Long-term local currency IDR ‘A’, Outlook Stable), the guaranteed debentures are rated at the same level as Thailand’s sovereign National rating of ‘AAA(tha)’. Fitch says that any changes in the International rating differential between BTMU and the Thai sovereign will affect the debentures’ National rating.
BTMU’s rating upgrade reflects the substantial improvement in the bank’s capital and asset quality as well as its net profitability. The agency also notes that the bank has been operating smoothly since the completion of its merger - Bank of Tokyo-Mitsubishi and UFJ Bank in January 2006 to form BTMU.
For more information please Contact: Lertchai Kochareonrattanakul, Wasant Polcharoen, Vincent Milton, Bangkok, Tel : +662 655 4755 ; Reiko Toritani, Tokyo, Tel: +81 3 3288 2673