Fitch is withdrawing CGS-CIMB TH's subordinated debenture rating as the issuance has been cancelled.
KEY RATING DRIVERS
The 'F2(tha)' National Short-Term Rating on the subordinated debentures is derived from the implied National Long-Term Rating of 'A-(tha)', based on Fitch's rating correspondence table for short- and long-term ratings.
CGS-CIMB TH's National Long-Term Rating is driven by Fitch's expectation of shareholder support from CGS-CIMB Securities International Pte. Ltd. (CGS-CSI), based on CGS-CIMB TH's role as a core subsidiary that operates in Thailand, one of CGS-CSI's core markets.
For further details on CGS-CIMB TH's key rating drivers and rating sensitivities, please see our latest commentary, "Fitch Assigns National Short-Term Rating of 'F2(tha)' to CGS-CIMB TH's Subordinated Debentures".
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Not applicable, as the ratings have been withdrawn.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Not applicable, as the ratings have been withdrawn.
DATE OF RELEVANT COMMITTEE
27 June 2022
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
CGS-CIMB TH's rating is linked to the credit profile of its parent, CGS-CSI.
Additional information is available on www.fitchratings.com
Source: Fitch Ratings