Thailand Financial News

Moody’s announced today that it has confirmed the ratings of the following asset-backed securities as issued by two

issuers:
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Ratchaburi Electricity Generating Holding PCL. [SET symbol: RATCH] today announces its unreviewed consolidated operating performance of the Company and subsidiaries for the second quarter of 2007 ended June 30, 2007. The Company recorded net profit of 2,140 million baht or earning per share at 1.48 baht, rising by 681 million baht or 47% of the net profit of 1,459 million baht from the same period in 2006.

Mr.
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Wall Street yesterday suffered its worst trading day this year since China jitters hit the market in February, with a 310-point plunge in the Dow Jones industrial average – a loss of 2.3%. But US airline stocks were rattled, with percentage losses around double the overall market, reflecting the sector’s sensitivity to changing economic circumstances.

Worst hit were Northwest Airlines, down almost 9% and Delta Air Lines by nearly 7%.
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Standard & Poor’s Ratings Services today affirmed its ‘AA/A-1+’ credit ratings on the Hong Kong Special Administrative Region (Hong Kong). The outlook was revised to positive from stable.

“The positive outlook on Hong Kong reflects our expectation that the government will maintain its fiscal balance by continuing to exercise discipline in restraining expenditure growth,” said Standard & Poor’s credit analyst Kim Eng Tan of the Sovereign Ratings group.
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Standard & Poor’s published its “U.S. Distressed Debt Monitor” report on July 20, which stated that the U.S. distress ratio rose to 0.9% in July from its all-time low of 0.8% in June (per the conventional definition).

The distress ratio has remained less than 1% for five straight months.
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The Stock Exchange of Thailand (SET) and Money and Banking Magazine will host SET Awards 2008 to reward listed, securities and investment management companies which have excelled in operational performance, management, corporate governance and responsible business practices.
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Moody’s Investors Service has upgraded long term foreign currency deposit ratings to Aa2 from Aa3 for several Hong Kong financial institutions.

They are Hongkong and Shanghai Banking Corp. Limited (”HKBK”), Hang Seng Bank Limited (”HSB”), Bank of Tokyo-Mitsubishi UFJ HK branch, and Mitsubishi UFJ Securities (HK) Capital, Ltd.
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Moody’s Investors Service has upgraded the long-term deposit and debt ratings, from A2 to A1, for 7 Chinese banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, China Development Bank, Export-Import Bank of China and HSBC Bank (China) Company.
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Fitch Ratings says personal loan pools in India have shown a higher delinquency compared to other asset categories. The underlying pools of personal loans have shown weak performance, with about 5.5% of the original pool being over 90+days past due (dpd) delinquent.

“Personal loans are unsecured lending; borrowers don’t usually specify the purpose for taking these loans.
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National Australia Bank Limited (NAB) has confirmed that its UK subsidiary, Clydesdale Bank PLC, is one of a number of United Kingdom banks and building societies working with the Office of Fair Trading (OFT) and the Financial Services Authority (FSA) to ask the High Court to clarify the legality of bank overdraft fees.

The case was taken following the initiative of a number of institutions (Abbey; Barclays Bank; Clydesdale/Yorkshire Banks, HBoS; HSBC; Lloyds TSB; Nationwide and Royal Bank of Scotland) in order to provide clarification for customers and the institutions in relation to the legal basis of unauthorised overdraft fees contained within terms and conditions.
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