Bangkok--25 Apr--Fitch Ratings
Fitch Ratings (Thailand) Limited has downgraded the Residential Mortgage Special Servicer rating of Capital Advisory Services (Thailand) Limited (CAS) to ‘RSS2-(tha)’ from ‘RSS2(tha)’and subsequently withdrawn the rating.
The rating downgrade reflects Fitch’s concern about CAS’s high key man risk due to the departure of some senior executives. Nonetheless, this is mitigated by the company’s access to servicing resources in the group’s Tokyo office, their robust servicing technology, established risk management and internal control framework, and reasonable collection performance of the remaining residential NPL portfolios while its financial position remains adequate.
Fitch is withdrawing CAS’s servicer rating as the rating is no longer considered by the agency to be relevant to its coverage.
Fitch’s servicer ratings are based on a scale of one to five, with one being the highest rating. Within some of these rating levels, Fitch further differentiates the ratings by pluses (+) and minuses (-). ‘tha’ appears in Thai ratings to reflect their relevance in Thailand’s legal, economic and social context.