Fitch affirms 3 Thailand banks

Fitch Ratings said it affirmed the ratings of Thailand's three largest private commercial banks, Bangkok Bank PCL, Siam Commercial Bank PCL and Kasikornbank PCL.

The banks' long-term foreign-currency issuer default ratings were affirmed at BBB+ and national long-term rating at AA(tha).

The outlook is stable.

The ratings are underpinned by sound capital and profitability, strengthened asset quality and reserves and their strong domestic franchises, Fitch said.

The agency said it believes the three banks' overall financial position is sufficiently robust to absorb considerable credit stress.

In the medium term, the performance of the three banks is expected to remain strong compared with the domestic banking industry, supported by their strong domestic franchise, lower funding costs and improving fee-generating capacity, Fitch added.

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