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Fitch rates TMB notes A(tha)
Fitch Ratings (Thailand) said it assigned an A(tha) national long-term rating to TMB Bank PCL's up to 15 billion Thai baht of 10-year subordinated debentures, which will be issued in multiple tranches within 2012. The outlook is stable.
The proceeds of the new debentures will be used to strengthen tier 2 capital.
The bank's ratings, which include a BBB- long-term issuer default rating and an A+(tha) national long-term rating, reflect its standalone financial strength. The agency said a number of key credit measures remain weaker compared to similarly rated peers, but the ratings take into account Fitch's expectation that these differences will continue to narrow.
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