Fitch Rates Muangthai Capital's Thai Baht Senior Unsecured Bonds 'A-(tha)'

The company expects to issue in multiple tranches in November 2025. The bonds will have tenors of up to eight years and six months. The proceeds will be used to refinance maturing debt and support working capital.

Key Rating Drivers
The senior unsecured bonds are rated at the same level as MTC's National Long-Term Rating, as they constitute the company's 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 presence in vehicle title lending. For further details on MTC's key rating drivers and sensitivities, see Fitch Affirms Muangthai Capital at 'BB' IDR; Outlook Stable, published on 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 result in a similar action on its senior debt rating.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The rating on the senior unsecured bonds will be upgraded if MTC's National Long-Term Rating is upgraded.

Date of Relevant Committee
04 September 2025

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