Fitch Affirms Siam Commercial Bank at ‘BBB+’; Outlook Stable
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.
The Bank’s Support Rating Floor remains unchanged at ‘BBB-’ (BBB minus). At the same time, the agency has affirmed SCB’s National Long-term Rating at ‘AA(tha)’, National Short-term Rating at ‘F1+(tha)’, senior unsecured debt at National Short-term ‘F1+(tha)’, and subordinated debt at National Long-term ‘AA-(tha)’ (AA minus (tha)). The Outlook for the bank remains Stable.
SCB’s ratings reflect the bank’s sustained recovery in underlying earnings and profitability on the back of an improvement in asset quality and loan growth. The bank’s reserve and capital positions have also strengthened. SCB has one of the strongest corporate and retail banking franchises in Thailand.