Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'A-(tha)' to Muangthai Capital Public Company Limited's (MTC, A-(tha)/Stable) upcoming senior unsecured notes.
The company expects the notes to be issued in October 2025 with a tenor of up to three years and one month. The proceeds will be used for the company's working capital.
Key Rating Drivers
The notes are rated at the same level as the company's National Long-Term Rating, as they are direct, unsecured, and senior obligations of the issuer.
MTC's National Long-Term Rating is driven by its standalone credit profile and its position as one of Thailand's largest non-bank consumer finance companies, with a strong market share in vehicle title lending. For more information on the key drivers and rating 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
Any negative rating action on MTC's National Long-Term Rating would result in a similar rating action on its senior notes.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating on the senior notes will be upgraded if MTC's National Long-Term Rating is upgraded.
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