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Fitch Affirms Credit Agricole CIB's Baht Bonds at 'AAA(tha)'
July 26, 2013 / 5:37 AM / 4 years ago

Fitch Affirms Credit Agricole CIB's Baht Bonds at 'AAA(tha)'

(The following statement was released by the rating agency) BANGKOK/HONG KONG/SINGAPORE, July 26 (Fitch) Fitch Ratings (Thailand) has affirmed Credit Agricole Corporate and Investment Bank's (CACIB) unsubordinated and unsecured bonds of THB3.1bn due in 2015 at 'AAA(tha)'. Key Rating Drivers The rating of the bonds is based on CACIB's Long-Term Foreign Currency Issuer Default Rating (LTFC IDR) of 'A'/'Stable'. Despite the recent downgrade of CACIB's LTFC IDR on 17 July 2013, (see "Fitch Downgrades Major French Banks' Related Entities" on www.fitchratings.com), its LTFC IDR remains higher than Thailand's Long-Term Local Currency IDR (LTLC IDR) of 'A-'/'Stable' and is hence still aligned with 'AAA(tha)', the highest rating on Thailand's National rating scale. CACIB's IDRs are based on an extremely high probability of support from its parent, Credit Agricole (CA; A/Stable) and, ultimately, from the French state, if needed. The IDRs of CACIB are equalised with those of CA as Fitch views CACIB as a core subsidiary given its strategic importance to and integration with the parent. Rating Sensitivities CACIB's 'AAA(tha)' issue rating could be downgraded if its LTFC IDR falls below Thailand's LTLC IDR. However, this is unlikely to occur in the near term given CACIB's current Stable Outlook. CACIB is the corporate and investment banking arm of CA. The bank has small international private banking operations. It is strongly positioned in Europe and has a selective approach in the US and a historical presence in Asia and the Middle East. Contacts: Primary Analyst Patchara Sarayudh Associate Director +662 108 0153 Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road, Lumpini Patumwan, Bangkok 10330 Secondary Analyst Piymas Chaihetphon, CFA Director +662 108 0152 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tha)' for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Additional information is available at www.fitchratings.com. Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012, and "National Ratings Criteria", dated 19 January 2011, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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