TRIS Rating removes the ?CreditAlert? with a ?positive? implication placed on the issuer rating on Secondary Mortgage Corporation (SMC) and the ratings on SMC?s senior unsecured debentures. At the same time, TRIS Rating withdraws the company rating on SMC as SMC has been dissolved with all of its assets and liabilities transferred to the Government Housing Bank (GHB), pursuant to the Act for the Dissolution of Secondary Mortgage Corporation B.E. 2563 (2020), announced in the Royal Gazette on 23 September 2020.
TRIS Rating also upgrades the ratings on SMC?s outstanding senior unsecured debentures to ?AAA? with a ?stable? outlook from ?AA-? to reflect GHB?s credit profile. Going forward, the ratings on SMC?s senior unsecured debentures are monitored under GHB.
RELATED CRITERIA
- Government-Related Entities Rating Methodology, 30 July 2020
- Nonbank Financial Institution Methodology, 17 February 2020
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