Fitch affirms Siam Commercial Bank

Fitch said it affirmed Siam Commercial Bank plc's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, foreign-currency senior unsecured debt and subordinated notes at BBB+ and BBB respectively, along with its national long-term rating at AA(tha), national short-term rating at F1+(tha), national short-term senior unsecured debt at F1+(tha) and national long-term subordinated debt at AA-(tha).

The outlook remains stable.

The ratings reflect the recovery in underlying earnings and profitability on the back of an improvement in asset quality and loan growth, Fitch said.

The bank's reserve and capital positions also remain strong, the agency said.

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