Fitch rates Mbket notes AA(tha)

Fitch Ratings said it assigned a national long-term rating of AA(tha) to Maybank Kim Eng Securities (Thailand) PCL's (Mbket) upcoming Thai baht-denominated subordinated debentures.

Mbket will issue up to 500 million in Thai baht of such debentures with a maximum tenor of one year, Fitch said.

The proceeds will be used from the issuance to manage its funding and liquidity requirements, the agency said.

Fitch said it has notched Mbket's subordinated debt one level lower than the anchor rating of AA+(tha).

The notching reflects the notes' higher loss severity risks and the subordinated debentures' lack of going-concern loss-absorption and equity conversion, the agency said.

The agency also said it used Mbket's national long-term rating of AA+(tha) as the anchor rating for the subordinated instrument.

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