Fitch rates Krung Thai notes AA-(tha)

Fitch Ratings (Thailand) said it assigned a national long-term rating of AA-(tha) to Krung Thai Bank Public Co. Ltd.'s subordinated debentures of up to Thai baht 10 billion with a maturity of 10 years.

The outlook is stable.

At the same time, Fitch Ratings also affirmed the bank's international senior debt ratings at long-term BBB- with a stable outlook, short-term F3, individual D, support 2 and BB+ for its subordinated debt, as well as its national long-term rating at AA(tha) and short-term at F1+(tha).

While government ownership and control provide support to the debt ratings, on a stand-alone basis these factors have tended to weaken Krung Thai Bank's financial performance. Although Krung Thai Bank's underlying operating performance has improved over the past two years, challenges in re-establishing a viable business and restructuring its organization still need to be more fully addressed, Fitch said.

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