Fitch affirms Kim Eng Securities

Fitch Ratings (Thailand) said it affirmed the national long- and short-term ratings assigned to Thailand's Kim Eng Securities PCL at BBB+(tha) and F2(tha).

The outlook is stable.

The ratings reflect Kim Eng's strong local retail franchise and capital position, but take into account its weakening operating performance and high dependence on somewhat volatile brokerage and investment banking earnings, Fitch said. They also reflect operating and credit risks from its securities and underwriting businesses.

The agency said the outlook is stable given the company's strong capital and liquidity positions, notwithstanding some volatility in earnings. Downside risks could stem from a worse-than-expected weakening in economic growth and political conditions impacting the Thai capital market and Kim Eng's earnings.

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