Fitch cuts Krung Thai Bank

Fitch Ratings said it downgraded Krung Thai Bank Public Co. Ltd.'s foreign-currency hybrid tier 1 securities rating to BB+ from BBB- and downgraded its national hybrid tier 1 rating to A(tha) from A+(tha).

The agency affirmed the bank's long-term foreign-currency issuer default rating at BBB+ with a negative outlook, short-term foreign-currency issuer default rating at F2, foreign-currency subordinated debt rating at BBB, individual rating at C/D, support rating at 2 and support rating floor at BBB+.

The agency also affirmed the bank's national long-term rating at AA+(tha) with a stable outlook, national short-term rating at F1+(tha) and national subordinated debt rating at AA(tha).

Fitch said the downgrade reflects the heightened risk of coupon non-payment due to the sharp deterioration in the operating environment.

Ratings are underpinned by strong government ownership and support and its improving financial strength, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.