Bangkok--4 Jul--TMB Bank
Standard & Poor’s Ratings Services (S&P) has raised its issue rating on Thailand’s TMB Bank Public Company Limited’s US$200 million hybrid Tier 1 securities to BB from BB-.
S&P said the rating upgrade was a result of “the bank’s improving financial profile in the first quarter of 2006. It also reflects expectations that this trend will be maintained, lowering the prospect of the bank experiencing financial distress and, as such, deferral risk on the bond. The hybrid Tier-1 securities are callable in 2016, or 10 years from the date of issue.”