Fitch Ratings has assigned a National Rating of ‘AAA(tha)’ to Export-Import Bank of Thailand’s (EXIM, AAA(tha)/Stable) senior unsecured notes. The notes will be issued under the bank’s medium-term note (MTN) programme rated ‘AAA(tha)’ by Fitch. The notes will be issued in multiple tranches and the proceeds will be used for general corporate purposes.
Key Rating Drivers
The senior unsecured notes are rated at the same level as EXIM’s National Long-Term Rating, as they represent its unsubordinated and unsecured obligations. This is in line with Fitch’s Bank Rating Criteria and the rating approach for the bank’s existing senior US dollar notes, which are rated at the same level as EXIM’s Long-Term Issuer Default Rating of ‘BBB+’.
EXIM’s National Ratings reflect Fitch’s view of a high probability of extraordinary support for the bank from the Thai government, if needed. EXIM, a state policy bank established under specific legislation, is wholly owned by the Thai Ministry of Finance, which governs the bank’s management and strategy.