JAKARTA: Standard & Poor's Ratings Services said today that it had revised the outlooks on its counterparty credit ratings on Bangkok Bank Public Co. Ltd. and United Overseas Bank (Thai) Public Co. Ltd. (UOB Thai) to stable from negative.
"At the same time, we affirmed the BBB+/A-2 counterparty credit ratings and the axA+/axA-1 ASEAN scale ratings on both banks. We also affirmed the issue ratings on Bangkok Bank." The move follows the revision in outlook on the sovereign credit rating on the Kingdom of Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; ASEAN scale axAA/axA-1) to stable from negative.The sovereign outlook revision reflects Standard & Poor's view that Thailand's real economy and the government's fiscal position have suffered little damage despite the political uncertainties and unstable policy environment.The stable outlook on Bangkok Bank reflects the stable outlook on the sovereign ratings, after factoring in implicit support from the Thai government for the bank. The stable outlook on UOB Thai reflects the fact that the rating is the same as the foreign-currency credit rating on Thailand. UOB Thai is the core subsidiary of United Overseas Bank Ltd. (A+/Stable/A-1; ASEAN scale axAAA/axA-1+) and benefits from the parent's support. (wiw)
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