Fitch affirms CIMB Thai Bank

Fitch Ratings said it affirmed CIMB Thai Bank PCL's long-term foreign-currency issuer default rating at BBB and its national long-term rating at AA-(tha).

The outlook is stable.

The bank also has a short-term foreign-currency issuer default rating at F3, viability rating at BB-, national short-term rating at F1+(tha), upper tier 2 debt at A(tha) and lower tier 2 debt at A+(tha).

The ratings are underpinned by the high probability of support, if required, from its parent CIMB Bank Bhd., Fitch said.

The ratings also consider its still modest franchise, weak capital position, moderately weak asset quality and deteriorating funding and liquidity, the agency said.

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