Fitch ups some Krung Thai Bank ratings

Fitch Ratings said it has upgraded the individual rating of Krung Thai Bank PCL to C/D from D.

The agency has also affirmed Krung Thai Bank's long-term foreign currency issuer default rating at BBB+ with a stable outlook, short-term foreign currency rating at F2, foreign currency subordinated debt rating at BBB and support rating at 2.

At the same time, Fitch Ratings (Thailand) Ltd. has affirmed the bank's national ratings at long-term AA+(tha), short-term F1+(tha) and national subordinated debt rating at AA(tha).

The outlook is stable.

Fitch said the upgrade reflects the bank's improved financial position over the past two years and that Krung Thai Bank's ratings are underpinned by strong government ownership and support.

Although government ownership and control provide support to the long-term debt ratings, these factors have tended to weaken the bank's stand-alone financial performance, the agency added.

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