Bangkok--2 Aug--Fitch Ratings
Fitch Ratings has today upgraded the National Long-Term Ratings of nine financial institutions in Thailand as follows:
- Bangkok Bank Public Company Limited (BBL), Kasikornbank Public Company Limited (KBank), Siam Commercial Bank Public Company Limited (SCB), Easy Buy Public Company Limited (EB) and Maybank Kim Eng Securities (Thailand) Public Company Limited (MBKET) have been upgraded to 'AA+(tha)' from 'AA(tha)'.
- Kasikorn Securities Public Company Limited (KS), SCB Securities Company Limited (SCBS), CIMB Thai Bank Public Company Limited (CIMBT) and CIMB Securities (Thailand) Co., Ltd. (CIMBS) have been upgraded to 'AA(tha)' from 'AA-(tha)'.
The Outlooks for BBL, KBank, SCB, KS, SCBS, CIMBT, and CIMBS are maintained at Stable. The Outlooks for EB and MBKET are maintained at Negative.
Furthermore, Fitch has affirmed the National Long-Term Rating for Bank of Ayudhya Public Company Limited (BAY) at 'AAA(tha)', while revising its Outlook to Stable from Negative.
The rating actions follow the recent downgrade of the Thai sovereign's Long-Term Local-Currency Issuer Default Rating (see Fitch Reviews Thailand's Ratings, Applies Criteria Changes (https://www.fitchratings.com/site/pr/1009380) dated 22 July 2016). That has caused Fitch to re-assess the Thai national ratings scale and the relative position of these entities on the national ratings scale.
A full list of rating actions is at the end of this rating action commentary.