Bangkok--12 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 recent affirmation 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+’ (see "Fitch Affirms ING, ABN AMRO and SNS REAAL" dated 26 June 2012 on www.fitchratings.com).
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 the bank’s LTFC IDR is downgraded below Thailand’s LTLC IDR. Given the bank’s ‘a’ Viability Rating, the rating of the bonds is less vulnerable to a weakening of potential support by the Dutch State ('AAA'/Stable), than to a weakening of the standalone creditworthiness of the bank.
ING Bank is the largest Dutch bank by total assets; it has a strong retail and commercial banking franchise in the Benelux. Retail banking is also operated outside the Benelux in a number of countries, notably through its direct banking business ING Direct, and the commercial banking activities are conducted in major global financial centers.