Fitch rates TMB Bank program F1(tha)

Fitch Ratings said it assigned a national short-term rating of F1(tha) to TMB Bank PCL's short-term unsecured unsubordinated debentures program of up to 50 billion Thai baht with a maturity of no more than 270 days. The issue is being released in tranches from October 2008 to October 2011.

The ratings reflect the improvement in its capital after a recapitalization by ING Bank NV in December 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.

However, Fitch noted that downside risks persist due to economic growth being impacted by political instability, which could result in renewed asset quality pressures.

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