Fitch rates TMB Bank notes A(tha)

Fitch Ratings said it assigned a national long-term rating of A(tha) to TMB Bank plc's subordinated unsecured debentures of up to 8 billion in Thai baht with a maturity of 10 years.

The outlook is stable.

The ratings reflect the improvement in its capital after a recapitalization by ING Bank NV in Dec. 2007, Fitch said.

The outlook for the bank should improve in 2010 on the back of a recovery in economic growth and the bank's refocus on business growth as it completes its integration with ING, the agency said.

Downside risks persist due to a still-weak economy and asset quality overhang, Fitch added.

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