Fitch affirms Krung Thai Bank

Fitch Ratings said it affirmed Krung Thai Bank PCL's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, foreign-currency subordinated debt rating at BBB, foreign-currency offshore hybrid tier 1 securities at BBB-, national long-term rating at AA+(tha), national short-term rating at F1+(tha), national subordinated debt rating at AA(tha) and national rating on domestic hybrid tier 1 securities at A+(tha).

The outlook is stable.

The ratings are underpinned by strong government ownership and support, as well as improving financial strength, Fitch said.

While the bank's financial performance has improved in 2008, the agency said the outlook remains challenging due to the volatile economic and political environment.

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