Fitch Ratings (Thailand) has assigned Muangthai Capital Public Company Limited's (MTC, A-(tha)/Stable) upcoming issuance of Thai baht-denominated senior unsecured notes a National Long-Term Rating of 'A-(tha)'.
The company expects to issue the notes in multiple tranches with maturities of up to 10 years. The proceeds will be used to finance eligible projects under MTC's social bond framework and/or support the company's working capital.
Key Rating Drivers
The notes are rated at the same level as MTC's National Long-Term Rating, as they constitute the issuer's unsecured and unsubordinated obligations.
MTC's National Long-Term Rating is based on its standalone credit profile. The company is one of Thailand's largest non-bank consumer finance companies with a strong market position in vehicle title lending. For details on MTC's rating drivers and sensitivities, please see Fitch Affirms Muangthai Capital at 'BB' IDR; Outlook Stable, dated 5 September 2025.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade of MTC's National Long-Term Rating would lead to a downgrade of the National Rating on the senior notes.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of MTC's National Long-Term Rating would lead to an upgrade of the National Rating on the senior notes
Date of Relevant Committee
05 November 2025
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