Fitch upgrades Krung Thai Bank

Fitch Ratings said it upgraded Krung Thai Bank PCL’s long-term issuer default rating to BBB+ from BBB and the national long-term rating to AAA(tha) from AA+(tha). The agency also raised the senior unsecured debt ratings and subordinated debt ratings by one notch.

“The rating actions reflect Fitch's reassessment of KTB's policy role, which we believe has become more prominent over the course of the coronavirus pandemic-related economic challenges in Thailand. This is in addition to KTB already being designated as a domestic systemically important bank (D-SIB),” the agency said in a press release.

Fitch noted KTB is the only commercial bank majority-owned by the state.

The outlook is stable.

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