Fitch affirms Kim Eng

Fitch Ratings (Thailand) said it affirmed the national long- and short-term ratings assigned to Kim Eng Securities (Thailand) Public Co. Ltd. at BBB+(tha) and F2(tha) respectively with a stable outlook.

Fitch said the ratings reflect Kim Eng's strong local retail franchise, solid operating performance and robust capital position, but also take into account its high dependence on volatile brokerage earnings.

They also reflect operating and credit risks from its securities and underwriting businesses. The planned launch of its derivative business has been put on hold, although this may eventually require a significant capital allocation, the agency said.

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