TEXT-Fitch rates ICBCTL's guaranteed bonds final 'AAA(tha)'
(The following statement was released by the rating agency)
Sept 28 - Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL) THB3bn two-year and THB2.6bn three-year guaranteed bonds final National Long-Term Ratings of 'AAA(tha)'. The Outlook is Stable. The bonds are guaranteed by Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; 'AAA(tha)'/Stable).
The rating action follows the completion of the bonds issue as well as receipt of final documents conforming to information previously received.
The ratings are based entirely on an irrevocable and unconditional guarantee provided by ICBCT. ICBCT's ratings reflect its near full ownership by and high probability of support from its parent - Industrial and Commercial Bank of China Limited (ICBC, 'A'/Stable). Any changes in the ratings of ICBCT - the guarantor - will be driven by either a change in the rating of ICBC or a reassessment of the prospects of support from ICBC. These changes would impact the ratings of the guaranteed bonds issued by ICBCTL.
The final ratings are same as the expected ratings confirmed on 14 September 2012 following an increase in the size of the bonds.
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