TMBThanachart receives credit rating upgrade from Fitch Rating after becoming a D-SIB.

Friday 17 September 2021 16:37
TMBThanachart receives credit rating upgrade from Fitch Rating after becoming a D-SIB. This reflects the Bank's potentials and financial stability from its successful merger.
TMBThanachart receives credit rating upgrade from Fitch Rating after becoming a D-SIB.

TMBThanachart or TMBThanachart Bank Public Company Limited receives credit rating upgrade from Fitch Ratings. The credit rating agency has upgraded TMBThanachart's International Long-Term Rating by 1 notch to BBB from BBB- and has also raised National Long-Term Rating to 'AA+(tha)' from 'AA-(tha)'. The Outlook is assigned as 'Stable'. For key rating drivers, Fitch Ratings describes that TMBThanachart has successfully completed its integration as planned and as a result its systemic importance to the country's economic and financial system has increased. Furthermore, the Bank has been identified as a D-SIB or a domestic systemically important bank as announced by the Bank of Thailand in August.

Mr. Piti Tantakasem, Chief Executive Officer of TMBThanachart Bank Pcl., (ttb), mentioned "Since the announcement of the merger plan with Thanachart Bank, we have continued to receive credit rating upgrades, starting from Moody's Investor Service in 2019, S&P Global Ratings in 2020 and the latest from Fitch Rating on 16 September 2021. The upgrades from these three leading agencies especially in 2020-2021, the time when global economy has been pressured by Covid-19 pandemic, reflects a positive view on the Bank's post-merger potentials and financial strengths in all aspects including capital adequacy, liquidity position and asset quality. This can also indicate the Bank's readiness to withstand a prolonged Covid-19 situation to both customers and investors"

Mr. Piti concluded "At the moment, our top priority is to assist customers who have been affected from Covid-19. Since 2020, TMBThanachart has provided financial assistances to more than 750,000 customers across all segments, in line with the Bank of Thailand and government's direction. We have also put our best effort to take care of our employees, especially the front-line and branch staff and have been collaborative where possible as we set our goal to be part of the fight and helping all to get through the crisis together."

Source: TMBThanachart Bank