Thailand Financial News

Moody’s Investors Service has assigned the Aaa rating to the secured floating rate notes (the “notes”) issued by Hyundai Capital Auto Funding VI Limited. Hyundai Capital Services, Inc. (”Hyundai”) is the originator of the underlying auto loan receivables, and the transaction is brought to the market by ING Bank N.V.
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Fitch Ratings has today affirmed Kasikornbank Public Company Limited’s (KBANK) ratings as follows:

Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB+’, Short-term foreign currency IDR at ‘F2’, Individual at ‘C’, Support at ‘2’ and its long-term foreign currency subordinated debt at ‘BBB’.
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Fitch Ratings-Bangkok/Hong Kong/Singapore-29 June 2007: Fitch Ratings has today affirmed Siam Commercial Bank’s (SCB) Long-term Foreign Currency Issuer Default Rating (IDR) at ‘BBB+’, Short-term Foreign Currency IDR at ‘F2′, Individual at ‘C’, Support at ‘2′, as well as its foreign currency senior unsecured debt and subordinated notes at ‘BBB+’ and ‘BBB’, respectively.
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Moody’s Investors Service has withdrawn CIMB Investment Bank Berhad’s (CIMBIB) financial strength rating (BFSR) and deposit ratings. Its issuer ratings of A3/P-1 and subordinate debt rating of Baa1 are unchanged. The outlook on all ratings is stable.

The rating action follows the transformation of CIMBIB into an investment bank - due to an extensive group restructuring exercise - and its resultant primary focus on providing advisory, debt and equity underwriting and brokering services.
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New global sponsorship links one of the world’s leading payment brands and the world’s leading sport Visa International and FIFA (F?d?ration Internationale de Football Association) has confirmed that Visa has become a FIFA Partner with global rights to a broad range of FIFA activities, including the 2010 and 2014 FIFA World Cups? and the FIFA Women’s World Cups.
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Moody’s Investors Service says the negative credit trend that prevailed among Asia Pacific’s (ex-Japan) non-financial  corporates over the previous year showed signs of moderating during  2Q2007, supported by an upturn in the Asian corporate portfolio, a result in turn of improved fundamentals.

“Much of the improvement was driven by telecommunications companies and corporates in Korea,” says Clara Lau, Moody’s Chief Credit Officer and author of the rating agency’s latest quarterly review for Asia Pacific.
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Fitch Ratings has affirmed Hang Seng Bank’s (HSB) Individual Rating at ‘A/B’ and Support Rating at ‘1′. HSB’s ratings reflect its very good financial performance and standing. HSB continued to post strong profitability in 2006 with a return on average assets (RoAA) of 2.0%, thanks to strong interest margins, a sound level of non-interest income, negligible credit costs, and low tax charges.
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Shinsei Bank, Limited (“Shinsei Bank”) today received a Business Improvement Order (“Order”) from the Financial Services Agency (“FSA”) based on Article 20, Section 2 of “The Law concerning Emergency Measures for Strengthening of Financial Functions” and Article 26, Section 1 of the “Banking Law”.

As we reported on May 9, 2007, our financial results for Fiscal Year 2006 were significantly impacted by the measures that we took in response to legislative and market changes affecting our consumer finance business.
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Fitch Ratings has affirmed Dah Sing Bank’s (DSB) Long-term Foreign Currency Issuer Default Rating of ‘A-’ (A minus), Short-term Foreign Currency Issuer Default Rating of ‘F2′,Individual Rating of ‘B’, and Support Rating of ‘3′. The bank’s support rating floor remains unchanged at ‘BB’.
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Wells Fargo & Company’s (NYSE: WFC) Board of Directors has named John G. Stumpf, President and Chief Operating Officer, to be the Company’s Chief Executive Officer. Stumpf, who retains the title of President, succeeds Dick Kovacevich, who continues as Chairman.
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