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Fitch Thailand

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Fitch Affirms Thailand at 'BBB+'; Outlook Stable

Thailand's 'BBB+' rating is underpinned by sound external and public finances, which enhance resilience to economic and financial shocks. These strengths are balanced by weaker structural features relative to 'BBB' rated peers, including lower income per capita and World Bank governance scores. 

Thai Retail Developers' Large Investments Pose Risks

The growth in new supply of commercial and retail space in Thailand over the next few years will increase competition in the retail real-estate sector and developers' funding needs, noted Miss Nichaya Seamanontaprinya, Associate Director of Fitch's corporate ratings team. 

Thailand's Debt Market Sees Potential Green Bond Issuance

Green bonds account for less than 1% of the global bond market, with USD280 billion outstanding. However, we expect increased green bond issuance from the country's utilities, energy and bank sectors. Green bond issuance should be supported by greater awareness of the potential effect of environmental, social and governance risks in Thailand. 

Partnerships, Agents Drive Thai Life Insurance Premiums

Thailand's life insurance industry in 2018 is likely to grow at a similar pace to the previous year, underpinned by potential sales growth from new bancassurance partnerships and larger teams of licensed agents who are eligible to sell investment-linked insurance products.

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Fitch Rates ThaiBev's Unsecured THB Debentures 'AA(tha)'

Domestic Challenges; but Profitability to Improve: ThaiBev experienced challenges in its domestic beverage segment in the first half of the fiscal year to 30 September 2018 (1HFY18). ThaiBev also incurred some one-off unexpected costs, among the challenges of a slow recovery in domestic demand and rising competition in its domestic and international beverage segment.

Competition, Online Platforms Key Challenges for Thai TV

We believe competition will remain a key drag on most TV operators' cash flow growth in 2018 and that the industry will spend more on production and procurement of content to compete for viewer ratings. The operating performance of the incumbents - Channel 3, Channel 7, Channel 9, and Channel 5 - is likely to continue to decline as they lose market share to new digital TV operators. 

Thailand's Large Banks Well-Placed for D-SIB Requirements

Thailand's large banks should all be able to comply with new capital requirements for domestic systemically important banks (D-SIB) deemed "too big to fail". The banks named as D-SIBs all have capital ratios that are well above the new minimum requirements that will be phased in by 2020.

Thailand's Economic & Banking Outlook Challenging Despite Modest Economic Recovery

Thailand's medium-term growth outlook continues to be challenged by high household debt and adverse demographic trends even though the economy has picked up in 2017.

Lower Handset Subsidies Positive for Thai Telcos

Thai mobile-phone operators' strategy to reduce handset subsidies gradually is likely to improve their profitability. Although operators may face slower revenue growth in the shorter term as cost-conscious subscribers switch to competitors, we believe the impact would be more than offset by a reduction in costs to acquire and retain subscribers. 

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GPSC's New THB Debentures Rated 'A+(tha)'

The senior unsecured debentures are rated at the same level as GPSC's National Long-Term Rating based on our expectation that most of GPSC's future debt will be unsecured and therefore GPSC's secured debt/EBITDA is likely to remain below 2.0x. 

Fitch Thailand Seminar Addresses Credit Risks 20 Years After Asia Crisis

Rising credit spreads and a sequence of defaults by Thai companies in the past year were among the risks flagged by participants at Fitch Ratings (Thailand) Limited's semi-annual investor briefing on Thailand's corporate credit outlook.

Fitch Hosts Briefing on Thai Bank Sector and Market Outlook

Fitch Ratings (Thailand) Limited held a briefing in Bangkok today for more than 100 executives, including bankers, corporate treasurers, insurers and asset managers, to provide a medium-term view on the Thai bank sector landscape, as well as an update on the outlook for global financial markets. 

Contacts

Thailand

Vincent Milton

Managing Director

+66 2108 0155

Thailand

Lertchai Kochareonrattanakul

Senior Director, Corporates

+66 2108 0158

Thailand

Parson Singha

Senior Director, Financial Institutions

+66 2108 0151

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