Bangkok--29 Aug--Fitch Ratings Fitch Ratings (Thailand) has today affirmed Asia Plus Securities Public Company Limited’s (ASP) National Long-term rating at ‘A-(tha)’ (A minus(tha)) with Stable Outlook and its National Short-term at ‘F2(tha)’. ASP’s ratings reflect its strong position in the domestic retail brokerage and investment banking space, as well as its solid capital and liquidity positions. ASP has diversified its revenue stream through the expansion of its fund management and private banking businesses to minimise the effects from the liberalisation of brokerage commissions, expected in 2010. ASP’s net income improved to THB230m in H108 from THB202m in H107, due primarily to an increase in market trading volume. ASP’s major source of funding is capital, with strong equity/assets ratio of 72.2% at end-June 2008. While market conditions remain weak, the Outlook for ASP is Stable given its strong capital and liquidity positions. Downside risks could stem from worse-than-expected capital market conditions or a substantial diversification into higher risk businesses. Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Contacts: Darunee Peanmanakit/Vincent Milton, Bangkok +662 655 4752/4759.