Fitch puts major Thai banks on negative watch

Fitch Ratings said it affirmed and placed the ratings of seven major Thai banks on rating watch negative following a similar action on Fitch's sovereign rating on the Kingdom of Thailand.

The ratings of the four banks affected include Krung Thai Bank's long-term foreign currency issuer default rating BBB+, short-term foreign currency F2, individual C/D, support 2, subordinated debt rating BBB and tier-1 hybrid BBB-; Export Import Bank of Thailand's long-term foreign currency issuer default rating BBB+, short-term foreign currency F2 and support 2; United Overseas Bank (Thai)'s long-term foreign currency issuer default rating A-, short-term foreign currency F2, individual C/D and support 1; and Standard Chartered Bank (Thai)'s long-term foreign and local currency issuer default rating A-, short-term foreign and local currency F2, individual C and support 1.

Additionally, Fitch also placed the ratings of three other Thai banks on rating watch negative pending a resolution of the political crisis that triggered the military coup against the government, including Bangkok Bank's long-term foreign currency issuer default rating BBB+, short-term foreign currency F2, individual C, support 2 and subordinated debt BBB; Kasikornbank's long-term foreign currency issuer default rating BBB+, short-term foreign currency F2, individual C, support 2 and subordinated debt BBB; and Siam Commercial Bank's long-term foreign currency issuer default rating BBB+, short-term foreign currency F2, individual C, support 2, senior unsecured debt BBB+ and subordinated debt BBB.

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