Fitch Ratings Thailand has affirmed the national long-term rating of AEON Thana Sinsap Thailand Public Company Limited at “A-(tha)” with a stable outlook. A full list of rating actions is at the end of this rating action commentary.
Fitch said AEONTS' ratings are driven by its standalone credit profile. AEONTS is one of Thailand's largest consumer-finance companies, with an established and sustainable franchise in the unsecured lending – credit cards and personal loans – segment and sound profitability. The ratings also reflect significant competitive pressure in this segment, including from larger commercial banks.
AEONTS is not a depository corporation and hence relies on wholesale funding, but its funding sources are diverse compared with other non-bank financial institutions, it added.