KEY RATING DRIVERS
The senior unsecured notes are rated at the same level as ASK's National Long-Term Rating, as they constitute the issuer's unsecured and unsubordinated obligations.
ASK's National Long-Term Rating is driven by Fitch's expectation of extraordinary support from the ultimate controlling shareholder, Taiwan-based Chailease Holding Company Limited (BBB-/Stable), in times of need. Fitch believes that ASK is a strategically important subsidiary of Chailease, and that it plays an important role in supporting Chailease's expansion in south-east Asia.
For details on ASK's key rating drivers and sensitivities, please see "Fitch Assigns Asia Sermkij Leasing First-Time 'A(tha)' National Long-Term Rating; Outlook Stable", dated 18 August 2022.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Any negative action on ASK's National Long-Term Rating would result in similar rating action on the senior unsecured notes.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The rating on the senior unsecured notes will be upgraded if ASK's National Long-Term Rating is upgraded.
DATE OF RELEVANT COMMITTEE
17 October 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
ASK's National Ratings are linked to Chailease's credit profile, as denoted by the Long-Term Issuer Default Rating.
Additional information is available on www.fitchratings.com
Source: Fitch Ratings