S&P cuts TMB Bank

Standard & Poor's said it lowered its long-term counterparty credit rating on TMB Bank Public Co. Ltd. to BB+ from BBB- and the short-term rating to B from A-3.

The rating has been removed from CreditWatch, where it was placed with negative implications on July 6, the agency said.

The outlook is negative.

At the same time, S&P said it has lowered the bank fundamental strength rating on TMB to D+ from C.

S&P said it also lowered the issue credit rating on the bank's hybrid tier-1 issue to CC from CCC, signaling that the next interest payment due in December is highly vulnerable to nonpayment.

The rating action reflects both S&P's view that TMB's management has not satisfactorily managed its regulatory obligations nor rectified, in a timely manner, the bank's diminished capital position and the recent weakening in its financial profile.

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