Bangkok--13 Jul--Fitch Ratings
Fitch Ratings (Thailand) has affirmed ING Bank NV’s (ING Bank) THB5.74bn and THB4.26bn senior unsecured bonds due 2014 and 2016 respectively at ‘AAA(tha)’.
This follows Fitch’s affirmation on 12 July 2011 of ING Bank’s Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at ‘A+’ with a Stable Outlook and its Short-term FC IDR at ‘F1+’.
The ‘AAA(tha)’ issue rating is the highest on Thailand’s national rating scale, reflecting ING Bank’s LTFC IDR of ‘A+’, which is higher than Thailand’s Long-Term Local Currency IDR of ‘A-’, equivalent to ‘AAA(tha)’ on the national scale.
ING Bank’s ‘AAA(tha)’ issue rating may be downgraded if ING Bank’s LTFC IDR falls below Thailand’s LTLC IDR. Given that the Individual ‘B/C’ Rating of ING Bank is equivalent to an ‘unsupported’ LTFC IDR of ‘A’, the ratings of the bonds are less vulnerable to a weakening of potential support by the Dutch State (‘AAA’/Stable), than to a weakening of the standalone performance of the bank.
Despite the upgrade of the Individual Rating, ING Bank’s Long-term and Short-Term IDRs, its unsecured debt ratings, its Support Rating, and Support Rating Floor continue to reflect the potential support from the Dutch state, should this be required.
ING Bank is the second-largest retail bank in the Netherlands and the fourth-largest in Belgium. It also has a wholesale banking business that caters to mainly Benelux clients, although it is active in major global financial centers, and a direct banking business (ING Direct).
Contacts:
Primary Analysts
Patchara Sarayudh (National Rating)
Associate Director
+66 2655 4761
Fitch Ratings (Thailand) Limited
Wave Place 13th Fl., Wireless Road, Lumpini, Patumwan,
Bangkok 10330
Claudia Nelson (International Ratings)
Senior Director
+ 44 20 3530 1191
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analysts
Narumol Charnchanavivat (National Rating)
Director
+66 2655 4763
Alain Branchey (International Ratings)
Senior Director
+33 (0) 1 4429 91 41
Committee Chairperson
Jonathan Cornish
Managing Director
+852 2263 9901