Thailand Financial News

Moody’s Investors Service has revised the outlook on HSBC Holdings plc (”HSBC”, senior at Aa2/P-1) and related subsidiaries including HSBC Finance Corporation (senior at Aa3; “HFC”) to stable from positive. (Please see full list of affected entities below).
(more…)

Fitch Ratings has affirmed the ratings of Krung Thai Bank Public Company Limited (KTB), notwithstanding weaker results in 2007 due to higher provisioning, as its performance is expected to improve in 2008. KTB’s ratings are as follows: Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook, Short-term foreign currency rating at ‘F2′, Individual rating at ‘C/D’, Support rating at ‘2′, Support rating floor at ‘BBB’, foreign currency subordinated debt rating at ‘BBB’, foreign currency rating on offshore hybrid Tier 1 securities at ‘BBB-’ (BBB minus), National Long-term at ‘AA+(tha)’ with a Stable Outlook, National Short-term at ‘F1+(tha)’, National subordinated debt rating at ‘AA(tha)’ and National rating on domestic hybrid Tier 1 securities at ‘A+(tha)’.

Fitch notes that KTB’s ratings are underpinned by strong government ownership and support.
(more…)

Fitch Ratings has affirmed the ratings of Bank of Tokyo-Mitsubishi UFJ (BTMU), Mitsubishi UFJ Trust and Banking Corporation (MUTB), Mizuho Financial Group (MHFG) and subsidiary banks Mizuho Bank (MHBK), Mizuho Corporate Bank (MHBC) and Mizuho Trust and Banking (MHTB), Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Trust and Banking (Sumitomo Trust) and Chuo Mitsui Trust & Banking Company (Chuo Mitsui Trust), as follows:

BTMU, MUTB, MHFG, MHBK, MHCB, MHTB, SMFG, SMBC: — www.theasianbanker.com (November 30 2007)–
(more…)

Aviva plc (“Aviva”), the international savings, investments and insurance group, announces that its joint-venture in China, Aviva-COFCO has obtained regulatory approval for a branch licence in the province of Jiangsu. The approval was awarded by the China Insurance Regulatory Commission (CIRC).

Aviva-COFCO now has eight branches in the provinces of Guangdong, Beijing, Sichuan, Fujian, Shandong, Hunan, Hebei and Jiangsu.
(more…)

Fitch Ratings has today affirmed the ratings of Krung Thai Bank Public Company Limited (KTB), notwithstanding weaker results in 2007 due to higher provisioning, as its performance is expected to improve in 2008. KTB’s ratings are as follows: Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook, Short-term foreign currency rating at ‘F2′, Individual rating at ‘C/D’, Support rating at ‘2′, Support rating floor at ‘BBB’, foreign currency subordinated debt rating at ‘BBB’, foreign currency rating on offshore hybrid Tier 1 securities at ‘BBB-’ (BBB minus), National Long-term at ‘AA+(tha)’ with a Stable Outlook, National Short-term at ‘F1+(tha)’, National subordinated debt rating at ‘AA(tha)’ and National rating on domestic hybrid Tier 1 securities at ‘A+(tha)’.

Fitch notes that KTB’s ratings are underpinned by strong government ownership and support.
(more…)

VERIZON BUSINESS…

SINGAPORE: Verizon Business has enhanced the reach and PHILADELPHIA and LONDON: Thomson

Scientific, part of The Thomson Corporation and leading

The partnership with Pacific Star, which is surprised the real estate market, will help strengthen AP’s long-term investment strategy rather than securing short-term capitals to expand its property business. The Singaporean partner is expected to bring its world-class knowledge and expertise to help upgrade the Thai property industry to meet international standards.

Mr Anupong Asavabhokhin, CEO of Asian Property Development, said the company decided to join hands with Pacific Star Group, the integrated property investor in Asia with headquarters in Singapore, because it wanted to bring in new know-how to help develop novel products for long-term survival.

The Bangkok office market in 2008 hinges on latent demand from multi-national companies which could rebound quickly once the policy direction toward foreign investment becomes clear, according to CB Richard Ellis, a leading international property consultant.
(more…)

The Stock Exchange of Thailand (SET) Board of Governors today resolved to extend the period of technical assistance provided to the Agricultural Futures Exchange of Thailand (AFET) for another year, from end-2007. The program will now be a full IT outsourcing service and will contribute to the integration of the Thai capital market, SET Executive Vice President and Board Secretary Mr.
(more…)

Prasong Vinaiphat (seated center), SEC Deputy Secretary-General, and Pravej Ongartsittigul (seated left), SEC Senior Assistant Secretary-General, welcomed Kun Ho Hwang (seated right), Chairman of the Korea Securities Dealers Association, and CEOs of leading Korean securities companies during their visit to observe the overall securities business and the capital market supervision at the SEC Office on November 28, 2007.