Bangkok--8 May--Moody's Asia Pacific
Moody's Investors Service today published the rating results for banks in Thailand as part of the application of its refined joint default analysis (JDA) and updated bank financial strength rating (BFSR) methodologies.
BFSRs evaluate the stand-alone or intrinsic financial strength of banks without reference to external support factors. BFSRs are the starting point of Moody's bank credit analysis, and are an important determinant of Moody's bank deposit and debt ratings.
Moody's then uses its JDA methodology to incorporate the potential for external support into a bank's local currency deposit rating. The potential for external support can reduce the riskiness of a bank's deposit and debt obligations; however, such support is often uncertain.
Moody's uses conservative support assumptions and a limited number of support levels to ensure that sufficient weight is given to a bank's intrinsic financial strength in its bank deposit and debt ratings.
Moody's uses deposit ratings to determine bank debt ratings based on its notching guidelines for bank securities. Ratings for foreign currency obligations are determined after considering Moody's country ceilings for foreign currency ratings.
The methodologies are being implemented country by country, with results being announced on a weekly basis. Results for those banks with a parent bank located in another country where the methodologies have not yet been implemented will be concluded at the same time as the parent.
This press release lists the names of issuers in Thailand whose ratings have been changed, affirmed, or put on review. Deposit ratings are listed for those banks whose deposit ratings have changed. To view all ratings changes and other documents explaining Moody's bank rating methodologies, please go to www.moodys.com/JDABanks .
The following banks had new ratings assigned or ratings that were changed:
Bangkok Bank -- The BFSR is unchanged at D+. The Foreign Currency Deposit
Ratings are unchanged at Baa1/P-2. The outlook for all ratings is stable.
Bangkok Bank Public Company Limited (Hong Kong) -- The Foreign Currency
Debt Rating for subordinated obligations is changed to Baa1 from Baa2.
The outlook is stable.
KASIKORNBANK Public Company Limited -- The BFSR is unchanged at D+. The
Foreign Currency Deposit Ratings are unchanged at Baa1/P-2. The outlook
for all ratings is stable.
KASIKORNBANK Public Company Limited (Cayman Island) -- The Foreign
Currency Debt Rating for subordinated obligations is changed to Baa1 from
Baa2. The outlook is stable.
Krung Thai Bank -- The BFSR is unchanged at D-. The Foreign Currency
Deposit Ratings are unchanged at Baa1/P-2. The Local Currency Deposit
Ratings are assigned as A3/P-1. The outlook for all ratings is stable.
Krung Thai Bank Public Company Limited., Singapore Branch -- The Foreign
Currency Deposit Rating for long-term Deposit Note/CD program is
unchanged at Baa1. The Foreign Currency Rating for preferred stock
(Hybrid Securities) is changed to Baa3 from Ba1. The outlook for all ratings is stable.
Siam City Bank Public Company Limited -- The BFSR is unchanged at D. The Long-term Foreign Currency Deposit Rating is changed to Baa2 from Baa3 and the Short-term Foreign Currency Deposit Rating is unchanged at P-3.
The outlook for all ratings is stable.
Siam City Bank Public Company Limited (Cayman Island) -- The Foreign Currency Debt Rating for senior unsecured MTN is changed to Baa2 from Baa3. The Foreign Currency Debt Rating for subordinate MTN obligations is changed to Baa3 from Ba1. The Foreign Currency Debt Rating for other short term obligations is unchanged at P-3. The outlook for all ratings is stable.
Siam Commercial Bank Public Company Limited -- The BFSR is unchanged at D+ with a positive outlook. The Foreign Currency Deposit Ratings are unchanged at Baa1/P-2 with a stable outlook. The Local Currency Deposit Ratings are assigned as A3/P-1 with a positive outlook.
Siam Commercial Bank Public Company (Singapore) -- The Foreign Currency Debt Rating for senior unsecured obligations is changed to A3 from Baa1 with a positive outlook.
The following banks' ratings were affirmed Bank of Ayudhya -- The BFSR is unchanged at D-. The Foreign Currency Deposit Ratings are unchanged at Baa3/P-3. The outlook for all ratings is stable.
Bank of Ayudhya Public Company Limited (Hong Kong) -- The Foreign Currency Debt Rating for senior unsecured obligations is unchanged at Baa3. The outlook is stable.
Government Housing Bank of Thailand -- The BFSR is unchanged at E+. The Foreign Currency Deposit Ratings are unchanged at Baa1/P-2. The outlook for all ratings is stable.
SME Development Bank of Thailand --The Foreign Currency Deposit Ratings are unchanged at Baa1/P-2. The Foreign Currency Issuer Rating is unchanged at Baa1. The outlook is stable.
Standard Chartered Bank (Thai) Public Company Limited -- The BFSR is unchanged at D+. The Foreign Currency Deposit Ratings are unchanged at Baa1/P-2. The Local Currency Deposit Ratings are unchanged at A3/P-1. The Foreign Currency Issuer Rating is unchanged at A3/P-2. The Local Currency Issuer Rating is unchanged at A3/P-1. The outlook for all ratings is stable.
TMB Bank Public Company Limited -- The BFSR is unchanged at D-. The Foreign Currency Deposit Ratings are unchanged at Baa2/P-2. The outlook for all ratings is stable.
Industrial Finance Corporation of Thailand -- The Foreign Currency Debt Rating for senior unsecured obligations is unchanged at Baa2 with a stable outlook.
TMB Bank Public Company Limited (Cayman Island) -- The Foreign Currency Rating for preferred stock (Hybrid Securities) is unchanged at Ba2. The outlook is stable.
United Overseas Bank (Thai) Public Company Limited -- The BFSR is unchanged at D. The Foreign Currency Deposit Ratings are unchanged at Baa1/P-2. The outlook for all ratings is stable.
Hong Kong
Leo Wah, CFA
Asst Vice President - Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Hong Kong
Jerry Chien
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121