Fitch affirms Kim Eng (Thailand)

Fitch Ratings said it affirmed Kim Eng Securities (Thailand) PCL's national long-term rating at A(tha), short-term rating at F1(tha), along with the national short-term rating on its 2 billion in Thai baht bills of exchange revolving program at F1(tha).

The outlook is stable.

The ratings take into account the company's solid brokerage franchise in the Thai market, strong capital position and strong support from its parent, Kim Eng Holdings Ltd., Fitch said.

It has maintained its conservative strategy, with focus on its securities brokerage business, which has helped stabilize its performance through periods of market volatility, the agency said.

The company's performance remains strong despite the liberalization of brokerage commissions since the start of 2010, Fitch said.

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