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ICBC senior unsecured notes rated 'AAA'

Mar 22. 2019
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By The Nation

Fitch Ratings (Thailand) has assigned ICBC (Thai) Leasing Company (ICBCTL, AAA/Stable/F1+) upcoming long-term senior unsecured notes with an issuance size of up to Bt6 billion a National Long-Term Rating of 'AAA'.

The company said in a press release on Friday that the notes will be issued under ICBCTL's Bt30 billion medium-term note programme, which Fitch affirmed at 'AAA/F1+' on September 10, 2018.

The proceeds will be used for refinancing and/or general operations.

ICBCTL's senior notes are rated at the same level as its National Long-Term Rating as they represent the company's unsecured and unsubordinated obligations.

ICBCTL's National Long-Term Rating is based on Fitch's view that the company is a core subsidiary of Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; AAA/Stable), as reflected by a high level of integration, history of ordinary financial support, full ownership and brand sharing.

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