(The following statement was released by the rating agency)
Nov 22 - Fitch Ratings (Thailand) Limited has assigned CIMB Thai Bank Public Company Limited’s (CIMBT) unsecured unsubordinated short-term debenture programme of up to THB10bn a National Short-Term rating of ‘F1+(tha)'. The debentures will have a maturity of no more than 270 days and will be issued in several tranches until July 2013. The proceeds will be used for general banking purposes.
CIMBT’s programme is rated at the same level as the bank’s National Short-Term ‘F1+(tha)’ rating. The bank’s National Long-Term rating is ‘AA-(tha)’ which has a Stable Outlook.
The bank’s National ratings are underpinned by Fitch’s view that there is a high probability of support, if required, from its parent, CIMB Bank Berhad (CIMB; ‘BBB+'/Stable) of Malaysia. CIMBT is strategically and operationally integrated with CIMB and has close name association with the parent. CIMB has near full ownership (93.2%) and management control of CIMBT.
Any changes in CIMB’s ability or propensity to support CIMBT, including changes to its stake in the bank, could affect the latter’s ratings. However, Fitch believes this is unlikely in the medium term. CIMBT’s Stable Outlook is consistent with that of its parent.