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Fitch Rates Maybank Kim Eng Securities (Thailand)'s Debentures 'AA(tha)'
November 7, 2014 / 10:48 AM / 3 years ago

Fitch Rates Maybank Kim Eng Securities (Thailand)'s Debentures 'AA(tha)'

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(The following statement was released by the rating agency) BANGKOK/HONG KONG, November 07 (Fitch) Fitch Ratings (Thailand) has assigned a National Long-Term rating of 'AA(tha)' to Maybank Kim Eng Securities (Thailand) Public Company Limited's (MBKET) unsecured and unsubordinated debentures of THB1.4bn. The issuing debentures will have a maturity of two years with quarterly coupon payment. The company will use the proceeds from the issuance for general corporate purposes. KEY RATING DRIVERS The debentures are rated at the same level as MBKET's National Long-Term Rating of 'AA(tha)' as the debentures will constitute direct unsubordinated and unsecured obligations of the company. MBKET's rating (AA(tha)/Negative) reflects Fitch's belief of a high probability of support from Malaysia's Malayan Banking Berhad (Maybank, A-/Negative). MBKET has a strategically important role within Maybank's universal banking model as it supports the group's strategy to be one of the leading financial service providers in south-east Asia. MBKET is 83.5% owned by the Maybank group and their operations are closely integrated. Its Negative Outlook is in line with that of Maybank. RATING SENSITIVITIES Any change in MBKET's National Long-Term Rating will affect the rating of the unsecured and unsubordinated debentures and any change in Maybank's Long-Term IDRs would likely have a similar effect on MBKET's ratings given the support-driven nature of the ratings. Any change in the level of importance of MBKET to the Maybank group could impact the former's ratings. For example, a significant reduction in the group's shareholding in MBKET could result in negative rating action. The other ratings of MBKET are unaffected and are as follows: National Long-Term Rating: 'AA(tha)'; Outlook Negative National Short-Term Rating: 'F1+(tha)' Contacts: Primary Analyst Trin Siriwutiset Associate Director +662 108 0154 Fitch Ratings (Thailand) Limited Park Ventures, Level 17 57 Wireless Road, Lumpini Patumwan, Bangkok 10330 Secondary Analyst Patchara Sarayudh Director +662 108 0152 Committee Chairperson Jonathan Cornish Managing Director +852 2263 9901 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tha)' for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Additional information is available at www.fitchratings.com. Applicable criteria, "Global Financial Institution Criteria", dated 31 January 2014; "Rating FI Subsidiaries and Holding Companies", dated 10 August 2012; "Securities Firms Criteria" dated 31 January 2014; and "National Scale Ratings Criteria", dated 30 October 2013 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Securities Firms Criteria here National Scale Ratings Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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