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Rating Action:

MOODY'S LOWERS THAILAND'S LONG-TERM FOREIGN CURRENCY COUNTRY CEILING FOR BONDS TO Baa1 WITH A NEGATIVE OUTLOOK AND LOWERS THE FOREIGN CURRENCY COUNTRY CEILING FOR LONG-TERM BANK DEPOSITS TO Baa3, ON REVIEW FOR POSSIBLE DOWNGRADE; MOODY'S ALSO LOWERS THAIL

01 Oct 1997
MOODY'S LOWERS THAILAND'S LONG-TERM FOREIGN CURRENCY COUNTRY CEILING FOR BONDS TO Baa1 WITH A NEGATIVE OUTLOOK AND LOWERS THE FOREIGN CURRENCY COUNTRY CEILING FOR LONG-TERM BANK DEPOSITS TO Baa3, ON REVIEW FOR POSSIBLE DOWNGRADE; MOODY'S ALSO LOWERS THAIL New York, 10-01-97 -- Moody's announced that it lowered Thailand's long-term foreign currency country ceiling for bonds and notes to Baa1 from A3, and that the outlook with respect to this ceiling is negative. The long-term foreign currency country ceiling for bank deposits was lowered to Baa3 from A3, and remains on review for possible downgrade. The short-term foreign currency country ceilings for commercial paper and bank deposits have also been lowered from Prime-2 to Prime-3, with both ceilings remaining on review for possible downgrade.
Moody's said that these rating actions reflect an erosion in Thailand's credit fundamentals as well as the greater risk exposure for rated bank obligations relative to foreign currency bond obligations. While a number of domestic and international initiatives are likely to succeed in stabilizing Thailand's external financial position, Moody's said that the rating differential appears warranted at this time.
Moody's review will continue to focus on Thailand's policy response to its present difficulties.
As as result of the present rating action, all A3 rated bonds of the Kingdom of Thailand are lowered to Baa1, with a negative outlook. The Prime-2 rating on the Kingdom of Thailand's commercial paper program is lowered to Prime-3, on review for possible downgrade.
The following ratings were also lowered:
Bangkok Bank -- the ratings of the bank for deposits from A3 to Baa3 (long-term) and from Prime-2 to Prime-3 (short-term), and the bank's long-term debt ratings (senior and subordinated) from A3 to Baa1. The deposit ratings remain on review for possible downgrade; the outlook for the long-term debt ratings is negative.
Bank of Asia -- the rating of the bank for long-term deposits from Baa2 to Baa3. The bank's deposit ratings of Baa3 and Prime-3, its senior long-term debt rating of Baa2, and the bank financial strength rating of D, remain on review for possible downgrade.
Bank of Ayudhya -- the rating of the bank for long-term deposits from Baa2 to Baa3. The deposit ratings of Baa3 and Prime-3 remain on review for possible downgrade; the outlook for the long-term debt rating (senior at Baa2, subordinated at Baa3) is negative.
Export-Import Bank of Thailand -- the rating of the bank's long-term debt from A3 to Baa1; the outlook for the rating is negative.
First Bangkok City Bank -- the rating of the bank for long-term deposits from Baa2 to Baa3. The bank's deposit ratings of Baa3 and Prime-3, its Baa2 senior long-term debt rating, and the bank financial strength rating of D, remain on review for possible downgrade.
Government Housing Bank -- the ratings of the bank for deposits from A3 to Baa3 (long-term) and from Prime-2 to Prime-3 (short-term), and the rating of the bank's senior long-term debt from A3 to Baa1. The deposit ratings remain on review for possible downgrade; the outlook for the long-term debt rating is negative.
Industrial Finance Corporation of Thailand -- the rating of the corporation's senior long-term debt from A3 to Baa1. The outlook for the long-term debt ratings (senior and subordinated at Baa1) is negative.
Krung Thai Bank -- the ratings of the bank for deposits from A3 to Baa3 (long-term) and from Prime-2 to Prime-3 (short-term). The deposit ratings remain on review for possible downgrade; the outlook for the bank's subordinated long-term debt rating of Baa1 is negative.
PTTEP International Limited -- the rating of the corporation's senior long-term debt guaranteed by PTT Exploration & Production, from A3 to Baa1. The outlook for the long-term debt rating is negative.
Siam Commercial Bank -- the ratings of the bank for deposits from A3 to Baa3 (long-term) and from Prime-2 to Prime-3 (short-term), and the bank's long-term debt ratings (senior and subordinated) from A3 to Baa1. The deposit ratings remain on review for possible downgrade; the outlook for the long-term debt ratings is negative.
Thai Farmers Bank -- the ratings of the bank for deposits from A3 to Baa3 (long-term) and from Prime-2 to Prime-3 (short-term), and the bank's long-term debt ratings (senior and subordinated) from A3 to Baa1. The deposit ratings remain on review for possible downgrade; the outlook for the long-term debt ratings is negative.
The following ratings were additionally placed on review for possible downgrade:
Siam City Bank -- the ratings of the bank for deposits of Baa3 (long-term) and Prime-3 (short-term). The outlook for the bank's long-term debt ratings of Baa3 (senior) and Ba1 (subordinated) is negative.
The following ratings remain on review for possible downgrade:
Jasmine Submarine Telecommunications Co. Ltd. -- the rating of the company's senior long-term debt of Baa1.
Phatra Thanakit -- the ratings of the company's senior debt of Baa3 (long-term) and Prime-3 (short-term).
Thai Military Bank -- the ratings of the bank for deposits of Baa3 (long-term) and Prime-3 (short-term), the bank's long-term debt rating of Baa3 (senior) and Ba1 (subordinated), and the bank financial strength rating of E+.

No Related Data.
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