Bangkok--30 Aug--Fitch+Ratings
Fitch Ratings (Thailand) Limited has affirmed Siam City Bank Public Company Limited’s (SCIB) ratings and simultaneously withdrawn the ratings.
The ratings have been withdrawn because they are no longer considered by Fitch to be relevant to the agency’s coverage. This is because SCIB is integrated with Thanachart Bank Public Company Limited (TBANK; ‘BBB-’/‘A+(tha)’/Stable) as a result of their legal merger, which is near completion. SCIB’s liquidation process is expected to be completed by end-2011. Meanwhile, all of SCIB’s liabilities have been assumed by TBANK. The agency will no longer provide ratings or analytical coverage of SCIB.
SCIB’s ratings:
- Long-Term Foreign Currency Issuer Default Rating (IDR) affirmed at ‘BBB-‘; Outlook Stable; rating withdrawn
- Short-Term Foreign Currency IDR affirmed at ‘F3’; rating withdrawn
- National Long-Term rating affirmed at ‘A+(tha)’;Outlook Stable; rating withdrawn
- National Short-Term rating affirmed at ‘F1+(tha)’; rating withdrawn
- Support rating affirmed at ‘3’; rating withdrawn
- National Long-term subordinated unsecured debt affirmed at ‘A(tha)’; rating withdrawn