Thailand Financial News

Ayudhya Allianz CP Life recently scored a hit with its ‘AACP Day # 3: Move Your Life Concert by BIRD’ at Impact Arena Muang Thong Thani featuring one of Thailand’s most enduringly popular entertainers, Thongchai ‘Bird’ McIntyre. Presiding at the opening ceremony was Chantra Purnariksha (first row, 2nd from left), Secretary-General of the Office of Insurance Commission (OIC).
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The Stock Exchange of Thailand (SET) has noted that there have been extraordinary increase in price of BLISS-TEL PCL. “BLISS” under high speculation during 18 to 25 Dec, 2007 compare to previous period.

To prevent such negative repercussions, member firms of the SET are hereby prohibited from providing both net settlement trading and margin loans trading for the company’s securities.

The Stock Exchange of Thailand (SET) has noted that there have been extraordinary increase in trading value and price of THE INTERNATIONAL ENGINEERING Plc. “IEC” (”Company”) securities under high speculation during Dec 21 to 25, 2007 compare to previous period without any supportive material information.

To prevent such negative repercussions, member firms of the SET are hereby prohibited from providing both net settlement trading and margin loans trading for the company’s securities.

Standard & Poor’s Ratings Services said today that it had affirmed its ‘BB+’ corporate credit rating on CITIC Pacific Ltd. (CITIC Pacific). The outlook is stable. At the same time, Standard & Poor’s affirmed the ‘BB+’ issue rating on senior unsecured notes issued by CITIC Pacific Finance (2001) Ltd.
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Fitch Ratings has today upgraded Concord Securities Corporation’s (CSC) ratings as follows: Long-term foreign currency Issuer Default Rating (IDR) to ‘BB+’ from ‘BB’, National Long-term Rating to ‘A-(twn)’ (A minus(twn)) from ‘BBB+(twn)’, and Individual rating to ‘C/D’ from ‘D’.
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Aa1 long-term debt and deposit ratings are also placed on review for possible downgrade, Prime-1 short term debt and deposit ratings are affirmed.

Moody’s downgraded today Calyon’s Bank Financial Strength Ratings (BFSR) from C+ to C and placed it on review for possible downgrade.
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Approximately $4.5 Billion of Debt Securities Affected.

Moody’s Investors Service today downgraded the bank financial strength rating (”BFSR”) of Caixa de Ahorros de Galicia (”Caixa Galicia”) to C from C+ (negative outlook), keeping the negative outlook on this rating.
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Concurrent with its related rating announcement yesterday on MBIA Inc. (MBIA) and its financial guaranty subsidiaries, Fitch Ratings has placed the following MBIA insured issues of Australian infrastructure projects on Rating Watch Negative. The underlying ratings of these infrastructure project debt obligations are not affected by this action.

Fitch placed MBIA’s ‘AA’ long-term rating and ‘AAA’ insurer financial strength (IFS) rating on Rating Watch Negative following the rating agency’s updated assessment into MBIA’s current exposure to SF CDOs backed by subprime mortgage collateral and various CDO-squared transactions, as well as MBIA’s exposure to RMBS.

Former joint venture company remains headquartered in the Netherlands

The Bank of New York Mellon Corporation, a global leader in asset management and securities servicing, has completed its acquisition of ABN AMRO Mellon Global Securities Services B.V.
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The Hong Kong Mortgage Corporation (”HKMC”) today (Thursday) signed a joint venture (”JV”) Agreement with Cagamas Berhad on the establishment of a company to develop mortgage guarantee businesses in Malaysia and other countries. Cagamas is Malaysia’s national mortgage corporation with a core mission to make housing loans more accessible and affordable in Malaysia.

The new JV company, which will be owned by the HKMC and Cagamas in equal share, will be incorporated in Malaysia.
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