Fitch affirms Siam Panich

Fitch Ratings said it affirmed Siam Panich Leasing Public Co. Ltd.'s national long-term rating at BBB+(tha) with a stable outlook and national short-term rating at F2(tha).

The ratings reflect the company's solid capital and asset quality as well as its niche market position in auto finance, the agency said.

Fitch said it takes into account the sharp decline in interest margins over the past four years due to competition as well as the company's weaker funding position compared with other financial institutions and the risk of increased provisioning.

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