Fitch rates EXIM notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Export-Import Bank of Thailand's (EXIM) five-year senior unsecured notes of up to $300 million.

The notes will be issued under the bank's $1.5 billion medium-term note program.

The proceeds will be used to fund its asset growth and for general corporate purposes, Fitch said.

The agency said it rates the proposed senior notes at the same level as EXIM's long-term foreign-currency issuer default rating of BBB+ as they will constitute the bank's unsecured and unsubordinated obligations.

EXIM's ratings are equalized with the Thai sovereign's long-term foreign-currency issuer default rating, reflecting a belief that the government would provide extraordinary support to the bank, Fitch said.

The rating of the proposed senior unsecured notes would be directly affected by any changes in EXIM's long-term foreign-currency issuer default rating, which will be sensitive to changes in Thailand's sovereign rating, the agency said.

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