Fitch rates CIMB Thai Bank debt A+(tha)

Fitch Ratings said it assigned a national long-term rating of A+(tha) on CIMB Thai Bank PCL's issue of up to 3 billion in Thai baht subordinated debentures maturing in 2021, but with a call option in 2016.

The proceeds will be used for general corporate purposes.

The rating of subordinated debentures is one-notch below the bank's national long-term rating of AA-(tha).

The outlook is stable.

Fitch said it expects the subordinated debentures to qualify as lower tier 2 capital of the bank, represent the bank's subordinated and unsecured obligations and rank equally with its other lower tier 2 capital securities.

The ratings are driven by expectations of support from its parent bank, CIMB Bank Bhd. of Malaysia, the agency said.

Fitch said the bank is strategically and operationally integrated with CIMB Bank and has close name association with the parent.

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