Fitch affirms ICBC Thai AAA(tha) rating

Fitch Ratings has affirmed ICBC (Thai) Leasing Company Limited (ICBCTL) the national long-term rating of ‘AAA(tha)’ and its national short-term rating at ‘F1+(tha)’, with a Stable Outlook.

Fitch’s ratings indicate a strong likelihood of ICBCTL receiving exceptional support from its parent company, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; AAA(tha)/Stable), if necessary. This support-based credit profile is compared to other entities in Fitch’s Thai national rating universe.

Fitch equalises ICBCTL’s ratings with those of ICBCT, viewing the subsidiary as a core part of its parent bank’s retail banking business.

ICBCTL, which serves as the hire purchase and leasing arm of ICBCT, accounted for 36 per cent of the parent’s consolidated loans as of the end of 2023.

Attribution: Fitch Ratings report

Subediting: M. S. Salama