Fitch turns DAOL view to negative

Fitch Ratings said it revised its outlook for DAOL Securities (Thailand) PCL to negative from stable and affirmed its BB(tha) local-currency subordinated ratings and BB+(tha) national long-term rating.

The negative outlook is due to DAOLsec's significantly weaker performance than Fitch expected, driven partly by execution missteps in recent years, including its exposure to a large failed securities settlement incident in 2022 and identified compliance shortcomings. The negative outlook reflects that such issues, along with recent management changes, could delay DAOLsec's earnings recovery and weaken its franchise and business prospects,” the agency said in a press release.

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