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Fitch Rates KTB Securities’ THB Subordinated Debentures ‘BB-[tha]’

หน้าแรก > ข่าวธุรกิจ > Fitch Rates KTB Securities’ THB Subordinated Debentures ‘BB-[tha]’
ผู้โพส : Admin / วันที่โพส : 2019-07-05 11:16:27
คำค้นหา :


Fitch Rates KTB Securities’ THB Subordinated Debentures ‘BB-[tha]’




          Fitch Ratings-Bangkok-05 July 2019: Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'BB-(tha)' to KTB Securities (Thailand) Public Company Limited's (KTBST; BB(tha)/Stable) upcoming issue of up to THB400 million in subordinated unsecured debentures. The debentures will have a maturity of 1.5 years. The firm plans to use the proceeds to buy back outstanding subordinated debentures as well as for working capital and liquidity management. 
          KEY RATING DRIVERS 
          KTBST's subordinated debentures are rated one notch below its National Long-Term Rating to reflect the subordinated debentures' higher loss-severity risk relative to senior unsecured instruments, as per Fitch's Corporate Hybrids Treatment and Notching Criteria. 
          This arises from the debentures' subordinated status, as subordinated noteholders rank after senior creditors in the priority of claims. Additional notching has not been applied due to the lack of going-concern loss-absorption and equity-conversion features. Fitch has not assigned equity credit to the issue as the tenor is short and the instrument is not designed to be a permanent part of the company's capital structure.
          RATING SENSITIVITIES
          Changes in KTBST's National Long-Term Rating would have a similar effect on the rating of the subordinated debentures.
          KTBST's National Ratings are based on its standalone financial profile and reflect its small domestic franchise, with about 1% market share in 1Q19. The ratings also take into account KTBST's small capital base and higher leverage relative to Fitch-rated peers. The company remains exposed to funding and liquidity risk over the medium-term due to its unproven funding stability and limited history of capital-market access. Nonetheless, funding and liquid risk over the short-term could be mitigated by KTBST's liquid-asset holdings and available credit lines. 
          For more details on KTBST's key rating drivers and sensitivities, see Fitch Affirms KTB Securities (Thailand) at 'BB(tha)'; Outlook Stable, dated 3 July 2019.
 
 
 
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