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TRIS Rating Co., Ltd. has affirmed the company rating of TISCO Bank PLC (TISCO) and the ratings of TISCO's senior debentures (TSCO077A, TSCO077B, TSCO07OA) at "A". At the same time, TRIS Rating has revised TISCO's rating outlook to "stable" from "positive". The ratings reflect TISCO's capable management team, its good risk management system, continued improvement in the bank's asset quality, its strong market position in the hire purchase business, and its diversification into fee-based income businesses. The ratings take into account TISCO's benefits as a commercial bank which will provide the bank with higher financial liquidity and flexibility, and long-term opportunities in commercial banking businesses. However, the ratings are partially constrained by uncertain economic factors, uncertainty in the securities industry, and intensifying competition in the corporate and retail finance industry.
The "stable" outlook reflects the likelihood that the bank will deliver a strong medium-term financial performance, as the commercial banking business platform will benefit the bank in terms of expanded scope of business and financial flexibility and liquidity. The bank's good risk management system, its proven track record and its sufficient capital base will help mitigate future downside risks from uncertain economic and business environment.
TRIS Rating reported that, in terms of asset size, TISCO is ranked twelfth among all Thai commercial banks. With more than 30 years experience in the industry, TISCO has developed a proficient management team that has enabled the bank to compete in this very competitive industry. The bank's good risk management system and experienced management team should mitigate future downside risk.
TISCO's management has a clear policy to focus on consumer finance businesses and to diversify into fee-based businesses. Since 2002, TISCO has centralized its group's business operation and management system to gain the overall group's business control and cost efficiency. An upgrade to be a commercial bank is expected to have a slight setback on TISCO's financial returns during the transition period, but it will provide the bank with long-term opportunities in commercial banking businesses, said TRIS Rating. -- End
TISCO Bank PLC (TISCO) Company Rating: Affirmed at "A" Issue Ratings: TSCO077A: Bt2,000 million senior debentures due 2007 Affirmed at "A" TSCO077B: Bt1,000 million senior debentures due 2007 Affirmed at "A" TSCO07OA: Bt1,800 million senior debentures due 2007 Affirmed at "A" Rating Outlook: "Stable" from "Positive"
The "stable" outlook reflects the likelihood that the bank will deliver a strong medium-term financial performance, as the commercial banking business platform will benefit the bank in terms of expanded scope of business and financial flexibility and liquidity. The bank's good risk management system, its proven track record and its sufficient capital base will help mitigate future downside risks from uncertain economic and business environment.
TRIS Rating reported that, in terms of asset size, TISCO is ranked twelfth among all Thai commercial banks. With more than 30 years experience in the industry, TISCO has developed a proficient management team that has enabled the bank to compete in this very competitive industry. The bank's good risk management system and experienced management team should mitigate future downside risk.
TISCO's management has a clear policy to focus on consumer finance businesses and to diversify into fee-based businesses. Since 2002, TISCO has centralized its group's business operation and management system to gain the overall group's business control and cost efficiency. An upgrade to be a commercial bank is expected to have a slight setback on TISCO's financial returns during the transition period, but it will provide the bank with long-term opportunities in commercial banking businesses, said TRIS Rating. -- End
TISCO Bank PLC (TISCO) Company Rating: Affirmed at "A" Issue Ratings: TSCO077A: Bt2,000 million senior debentures due 2007 Affirmed at "A" TSCO077B: Bt1,000 million senior debentures due 2007 Affirmed at "A" TSCO07OA: Bt1,800 million senior debentures due 2007 Affirmed at "A" Rating Outlook: "Stable" from "Positive"