Fitch Upgrades Kiatnakin to ‘A-(tha)’; Withdraws Ratings

Stocks and Financial Services Press Releases Wednesday December 12, 2012 11:11
Bangkok--12 Dec--Fitch Ratings

Fitch Ratings (Thailand) Limited has upgraded Kiatnakin Bank Public Company Limited’s (KK) National Long-Term rating to‘A-(tha)’ from ‘BBB+(tha)’. The Outlook is Stable. Fitch also affirmed the bank’s National Short-Term rating at ‘F2(tha)’. At the same time, the agency has withdrawn the ratings.

The ratings have been withdrawn because they are no longer considered by Fitch to be relevant to its coverage. Fitch will no longer provide ratings or analytical coverage of KK.

The upgrade reflects improvements in KK’s funding profile with reduced reliance on bills of exchange, the raising of additional capital and maintaining above-average capitalisation in light of its high sector concentrations and low risk tolerance relative to peers. The upgrade also takes into account potential medium-term benefits from the merger with Phatra Capital Public Company Limited, completed in September 2012.

The ratings also reflect the bank’s still modest deposit franchise and exposure to high-risk real estate project loans. Asset quality has seen continuous improvements since 2004, except for this year, and should remain commensurate with the bank’s business profile and that of similarly rated domestic peers.

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