The rating action follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 4 October 2019.
KEY RATING DRIVERS
The National Long-Term Rating on the guaranteed bond is based entirely on irrevocable and unconditional guarantees provided by Japan-based ORIX Corporation (ORIX; A-/Stable). ORIX's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A-' is higher than Thailand's Long-Term Local-Currency IDR of 'BBB+'/Positive, and correlates to the highest rating on the national scale of 'AAA(tha)'.
For further information, please refer to the rating action commentary, "Fitch Rates Thai ORIX Leasing's Guaranteed Bonds 'AAA(tha)(EXP)", dated 4 October 2019. For more information on ORIX, please refer to the credit report dated 16 August 2019 and to the rating action commentary, "Fitch Affirms ORIX at 'A-'; Outlook Stable", published 11 July 2019, available at www.fitchratings.com.
The 'AAA(tha)' rating of TOLC's guaranteed bond is the highest on the national scale, implying there is no rating upside. Fitch could downgrade the National Long-Term Rating of TOLC's guaranteed bond if ORIX's Long-Term Foreign-Currency IDR were to be at or below Thailand's Long-Term Local-Currency IDR, either by a downgrade of ORIX or an upgrade of Thailand's Long-Term Local-Currency IDR.