The notes will be issued under the 2022 medium-term note programme and the proceeds will be used for debt repayment and/or working capital.
KEY RATING DRIVERS
The senior unsecured notes are rated at the same level as ICBCTL's National Long-Term Rating, as they constitute the issuer's unsecured and unsubordinated obligations.
ICBCTL's National Long-Term Rating is driven by Fitch's expectation of extraordinary support from the parent bank, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT, AAA(tha)/Stable/F1+(tha)), if needed. Fitch views ICBCTL as a core subsidiary of ICBCT.
For more details on ICBCTL's key rating drivers and sensitivities, please see, "Fitch Affirms ICBCTL at 'AAA(tha)'; Outlook Stable", dated 8 September 2022.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Any negative action on ICBCTL'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:
An upgrade is not possible because the 'AAA(tha)' rating is already at the top end of our Thai National Rating scale.
DATE OF RELEVANT COMMITTEE
08 September 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
ICBCTL's ratings are linked to ICBCT's ratings.
Additional information is available on www.fitchratings.com
Source: Fitch Ratings