Fitch cuts Thai banks view to negative

Fitch Ratings said it revised the international outlooks of nine of Thailand's major banks to negative from stable.

The downgrade follows the revision of the outlook on the kingdom of Thailand's foreign- and local-currency issuer default ratings to negative from stable. The outlooks of government-owned banks are directly affected as are the ratings of foreign-owned subsidiaries whose ratings are constrained by Thailand's ratings, Fitch said.

The banks with negative outlooks include:

Export-Import Bank of Thailand's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency of F2, national long-term rating of AAA(tha); national short-term rating of F1+(tha) and national senior unsecured debt AAA(tha).

Bangkok Bank's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency of F2, foreign-currency subordinated debt of BBB, national long-term rating of AA(tha), national short-term rating of F1+(tha) and national subordinated debt of AA-(tha).

Krung Thai Bank's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency rating of F2, foreign-currency subordinated debt of BBB, foreign-currency offshore tier-1 hybrid of BBB-, national long-term rating of AA+(tha), national short-term rating of F1+(tha), national subordinated debt of AA(tha) and national tier 1 hybrid rating of A+(tha).

Siam Commercial Bank's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency rating of F2, foreign-currency senior unsecured debt of BBB+, foreign-currency subordinated debt of BBB, support rating floor of BBB-, national long-term rating of AA(tha), national short-term rating of F1+(tha), national short-term senior unsecured debt of F1+(tha) and national long-term subordinated debt of AA-(tha).

Kasikornbank's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency rating of F2, long-term foreign-currency subordinated debt of BBB, national long-term rating of AA(tha), national short-term rating of F1+(tha), national long-term senior unsecured debt rating of AA(tha), national short-term senior unsecured debt rating of F1+(tha) and national long-term subordinated debt of AA-(tha).

Bank of Ayudhya's long-term foreign-currency issuer default rating of BBB, short-term foreign-currency rating of F3, foreign-currency subordinated debt rating of BBB-, national long-term rating of AA-(tha), national short-term rating of F1+(tha) and national subordinated debt rating of A+(tha).

TMB Bank's long-term foreign-currency issuer default rating of BBB-, short-term foreign-currency rating of F3, foreign-currency subordinated debt rating of BB+, foreign-currency tier 1 hybrid rating of BB-, national long-term rating of A+(tha), national short-term rating of F1(tha) and national subordinated debt rating of A(tha).

Standard Chartered Bank (Thailand)s long-term foreign- and local-currency issuer default rating of A-, short-term foreign- and local-currency rating of F2, national long-term rating of AA+(tha) and national short-term rating of F1+(tha).

United Overseas Bank (Thailand)s long-term foreign-currency issuer default rating of A-, short-term foreign-currency rating of F2, national long-term rating of AA+(tha) and national short-term rating of F1+(tha).

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