OREANDA-NEWS. Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL: AAA(tha)/Stable/F1+(tha)) unsecured unsubordinated short-term debenture programme a National Short-Term Rating of 'F1+(tha)'.

The programme is for the period 10 April 2015 to 9 April 2016, and the programme size is up to THB20bn on a revolving basis. Each issuance under the programme will have a maturity of no more than 270 days. The proceeds will be used for refinancing and/or for funding ICBCTL's general operations.

KEY RATING DRIVERS

ICBCTL's programme is rated at the same level as the company's National Short-Term Rating of 'F1+(tha)'.

The National Ratings reflect Fitch's belief of an extremely high probability of extraordinary support, if required, from its parent, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; AAA(tha)/Stable/F1+(tha)). Fitch considers ICBCTL to be a core subsidiary of ICBCT due to its contributions to the group's retail banking franchise, full ownership by the group, name-sharing, and the high level of management and financial integration. ICBCTL accounted for around 30% of ICBCT's consolidated loans and 40% of consolidated revenues in 2014.

RATING SENSITIVITIES

The National Ratings at ICBCTL are already at the top end of the scale and no upside is possible. Otherwise, the ratings on ICBCTL would be impacted to a similar extent by rating actions at ICBCT.

Any changes in the perceived propensity of ICBCT to support ICBCTL could lead to rating shifts. For example, a large divestment of any shareholdings, or a clear lack of financial commitment, may lead to downgrades. However, Fitch views these as unlikely to occur in the near term.

For more details on the rating drivers and sensitivities for ICBCTL and ICBCT, please see the rating action commentary "Fitch Affirms 8 Thai Subsidiaries of Foreign Financial Institutions" dated 2 March 2015 and available at www.fitchratings.com.

The other ratings of ICBCTL are unaffected by this action, and are as follows:
National Long-Term Rating at 'AAA(tha)'; Stable Outlook
National Short-Term Rating at 'F1+(tha)'
National Long-Term Rating on guaranteed bonds by ICBCT at 'AAA(tha)' ; Stable Outlook
National Long-Term Rating on senior unsecured bonds at 'AAA(tha)'