ข่าวประชาสัมพันธ์ Press Releases ข่าวย้อนหลัง หัวข้อข่าว บลอก

Fitch Affirms BAM at #AA-(tha)#; Outlook Negative

Stocks and Financial Services Press Releases วันศุกร์ที่ ๑๗ สิงหาคม พ.ศ. ๒๕๖๑ ๑๘:๕๒ น.
ขนาดตัวอักษร: ใหญ่ กลาง เล็ก
Bangkok--17 Aug--Fitch Ratings
Fitch Ratings (Thailand) has affirmed Bangkok Commercial Asset Management Public Company Limited's (BAM) National Long-Term Rating at 'AA-(tha)' with a Negative Outlook.
A full list of rating action is at the end of this commentary.
KEY RATING DRIVERS

BAM's ratings are driven by sovereign support. BAM is fully owned by the Financial Institutions Development Fund (FIDF), which is a unit of the Bank of Thailand. BAM was established in 1998 to manage distressed assets arising from a financial crisis, although its policy role has gradually diminished as Thailand's financial sector has recovered. Nonetheless, BAM still plays an important role as the country's largest distressed asset manager, with sound operating performance and consistent profitability. BAM has benefitted from ongoing state support, as evident by regulatory advantages, such as its notes being classified as liquid assets as well as tax exemptions. This supports BAM's funding ability and profitability.

The Negative Outlook reflects FIDF's plan to privatise BAM through a stock-exchange listing. Fitch believes the listing may take place in the near term as the process has been ongoing since 2014. Full details and timelines have not been disclosed, but the privatisation plan continues to progress and suggests the state does not see BAM as a long-term core holding. It is possible that BAM's regulatory advantages will be removed after the listing.

BAM's senior bonds are rated at the same level as its National Long-Term Rating as they represent its unsubordinated and unsecured obligations.
RATING SENSITIVITIES

Changes in shareholding structure are likely to negatively affect BAM's ratings. The extent of the downgrade would depend on BAM's continued linkage with the state and level of ownership. Fitch would rate BAM on a standalone basis if the state's shareholding fell below 50% and BAM's regulatory advantages were removed, as extraordinary support from the government could not be relied upon. This could see BAM's National Long-Term Rating downgraded by multiple notches. The final rating would also depend on Fitch's expectations for BAM's leverage and overall financial profile.

A reversal of the plan to partially privatise BAM and signs of a long-term commitment by the state to maintain its shareholding in BAM and BAM's regulatory advantages would lead to a revision of the Outlook to Stable and a possible re-assessment of the National Long-Term Rating. Delays or signs of increasing uncertainty in the listing timeline beyond Fitch's typical rating horizon could lead to a reassessment of the rating and Outlook.

Any changes to BAM's National Long-Term Rating will have a similar effect on the issue ratings.
The rating actions are as follows:
National Long-Term Rating affirmed at 'AA-(tha)'; Outlook Negative
National Short-Term Rating affirmed at 'F1+(tha)'
National Long-Term Rating on outstanding senior unsecured bonds affirmed at 'AA-(tha)'

ขนาดตัวอักษร: ใหญ่ กลาง เล็ก

ข่าวประชาสัมพันธ์ที่เกี่ยวข้อง

FITCH AFFIRMS THAILAND'S NATIONAL PETROCHEMICAL AT A+(tha)/F1(tha)

Fitch Ratings-Bangkok/London : Fitch Ratings (Thailand) Limited has affirmed the Long-term and Short-term National ratings of National Petrochemical (NPC) at 'A+(tha)' and 'F1(tha)', respectively. The agency also affirmed the Long-term National rating of ...

TAMC declares Mr. Roy Issaraporn Chutapha Case

The Thai Asset Management (TAMC) clarifies that Eastern Real Estate Co.,Ltd. has not been transferred to the TAMC. As for Mr. Roy Issaraporn Chutapha, a guarantor of Siam Land Holding (1990) and Siam Power and Electric, whose assets have been granted fina...

FITCH ASSIGNS 'A(tha)' NATIONAL RATING TO UNSECURED DEBENTURES OF THAILAND'S MBK DEVELOPMENT

Fitch Ratings-Bangkok/London-7 January 2003: Fitch Ratings (Thailand) Limited has assigned Long-term National rating of 'A(tha)', with a Stable Outlook to the THB2.5 billion (USD58 million) five-year Senior Unsecured Amortising Debentures due in 2008 to b...

หัวข้อข่าวที่เกี่ยวข้อง

หัวข้อข่าวยอดนิยม

กรมสรรพากร ธนาคารกรุงเทพ ธนาคารกรุงไทย ธนาคารออมสิน ไปรษณีย์ไทย การบินไทย ธนาคารกสิกรไทย hotmai เพียวริคุ jobbkk ธนาคารไทยพาณิชย์ คาราบาว ดีแทค ไทยพาณิชย์ แจ่มใส เมเจอร์ ธนาคารอาคารสงเคราะห์ 12car กรุงไทย ธนาคารกรุงศรีอยุธยา กระทรวงสาธารณสุข การรถไฟแห่งประเทศไทย มิตซูบิชิ เมืองทอง ธนาคารทหารไทย ตลาดหลักทรัพย์แห่งประเทศไทย ซัมซุง มาม่า วันทูคอล ธนาคารแห่งประเทศไทย กระทรวงพาณิชย์ เวลาประเทศไทย ปตท ธอส บิ๊กซี กรมอุตุ กรมศุลกากร แม็คโคร ธนาคารกรุงศรี กระทรวงการคลัง