Tris Ratings Affirms THANI at A- with Stable Outlook, Upgrades SACP to a-

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Summary · why it matters

Tris Rating has affirmed the corporate and senior unsecured debenture ratings of Ratchthani Leasing Public Company Limited, or THANI, at A- with a Stable outlook, and has upgraded the company's standalone credit profile, or SACP, to a- from bbb+, reflecting a stronger capital position at the Very Strong level as well as the company's ability to maintain its market leadership in commercial truck and luxury car hire-purchase lending. Kovit Rungwattanasophon, Chairman of the Executive Board, said that in the final stretch of 2026 the Thai economy is still recovering gradually, so the company is pressing ahead aggressively with its commercial truck hire-purchase lending business. Tris Rating views the first-half 2026 operating results as recovering better than expected, with the company reporting net profit of 700 million baht, up 31% from the same period a year earlier, driven by lower credit expenses and lower losses from vehicle repossessions. The net interest margin, or NIM, improved to 3.7%. Asset quality continued to improve, with the non-performing loan ratio, or NPL Ratio, falling to 2.4% at the end of June 2026 from 2.6% at the end of 2025, while new lending in the first half of 2026 rose about 20% from the same period a year earlier. New truck sales in the system expanded 24% in the first seven months of 2026. THANI is a strategically important subsidiary of Thanachart Capital Public Company Limited, or TCAP, which holds a 66.9% stake, and is a core business unit generating roughly 14% of the Thanachart group's profit as of the end of June 2026. The company has total credit lines of approximately 7.2 billion baht, of which about 57% remains undrawn.

Impact on assets 2

Financials▲
Ratchthani Leasing Public Company Limited
THANI
▲ PositiveCapitalDemandrelevance

Tris Rating affirmed THANI's A- rating with Stable outlook and upgraded its standalone credit profile to a- on a stronger capital position and market leadership.

Climate Adaptation & Water▲
Thanachart Capital Public Company Limited
TCAP
▲ PositiveCapitalrelevance

THANI, 66.9%-owned by TCAP and ~14% of group profit, saw its SACP upgraded and ratings affirmed at A-, strengthening the parent's subsidiary credit profile.