July 29, 2014 / 8:47 AM / 3 years ago

Fitch Confirms CIMB Thai Bank's Short-term Programme at 'F1+(tha)' on Increased Programme Size

(The following statement was released by the rating agency) BANGKOK/SINGAPORE, July 29 (Fitch) Fitch Ratings (Thailand) has confirmed CIMB Thai Bank Public Company Limited's (CIMBT) short-term debenture programme at 'F1+(tha)' following the increase in size of the programme to THB34.0bn. Proceeds will be used for its banking businesses. KEY RATING DRIVERS Fitch has affirmed the programme on 25 March 2014. The National rating of short-term senior unsecured debentures programme is consistent with CIMBT's Short-Term National Rating of 'F1+(tha)' as the debentures represent unsecured and unsubordinated obligations of the bank. RATING SENSITIVITIES CIMBT's National Short-Term Rating is the highest on the national scale and, hence, no rating upside is possible. CIMBT's National Ratings (AA-(tha)/Stable) are support-driven. A significant deterioration of the parent bank's (Malaysian-based CIMB Bank Berhad) credit profile may result in a negative action on CIMBT's National Ratings and issue ratings. Any perceived weakening of the importance of CIMBT to its parent could also negatively affect the ratings. For more details on CIMBT's ratings and credit profile, see "Fitch Affirms Ratings of 5 Thai Subsidiaries of Foreign Banks", dated 25 March 2014, and CIMBT's report, dated 22 April 2014, available at www.fitchratings.com. Contact: Primary Analyst Patchara Sarayudh Director Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road, Lumpini Patumwan, Bangkok 10330 Secondary Analyst Trin Siriwuthiset Associate Director +662 108 0154 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 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. Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable criteria, "Global Financial Institution Rating Criteria", dated 31 January 2014 and "National Scale Ratings Criteria", dated 30 October 2013, are available at www.fitchratings.com. Applicable Criteria and Related Research: CIMB Thai Bank Public Company Limited here Global Financial Institutions Rating Criteria here National Scale Ratings Criteria 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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