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Fitch rates Thanachart Bank
Fitch Ratings (Thailand) said it has assigned a national rating of A-(tha) to Thanachart Bank Public Co. Ltd.'s Thai baht 1.2 billion fixed-rate unsubordinated unsecured bills of exchange.
At the same time, the agency has also affirmed Thanachart's national ratings at long-term A-(tha) with a outlook stable, short-term F2(tha), individual D and support 5.
Fitch said the ratings are reinforced by Thanachart's strong capital base and earnings growth potential and underpinned by operational, liquidity and capital support of parent company, National Finance Public Co. Ltd., which is rated similarly at A-(tha)/F2(tha). Fitch says, however that the main risks include the bank's start-up nature, particularly its lack of banking and deposit franchise as well as asset quality deterioration.
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