Moody’s: Standard Chartered Bank (Thai) to negative

Moody’s Investors Service said it affirmed Standard Chartered Bank (Thai) PCL’s local-currency deposit and local- and foreign-currency issuer ratings of A3 and P-2.

Moody’s also said it changed the outlook on the long-term ratings to negative from stable.

Moody’s also affirmed the banks’ foreign-currency deposit rating of Baa1 and P-2. The outlook on the long-term rating is stable.

The bank’s baseline credit assessment and adjusted baseline credit assessment were affirmed at Baa3 and A3, the agency said.

The ratings incorporate a three-notch uplift to reflect an assumption that it will receive support from its parent, Standard Chartered Bank in case of need, Moody’s said.

The key factors underpinning the ratings are the bank’s robust capital position and strong liquidity profile, the agency said.

The ratings also consider the bank’s deteriorating asset quality and high credit risk concentration relative to its similarly rated peers, Moody’s said.

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