TRIS Rating Co., Ltd. announces today that it maintains the “A” ratings for Thanachart Bank PLC (TBANK), Thanachart Capital PLC (TCAP), and their issues. The announcement comes after TBANK’s board of directors reached an agreement with Scotiabank on 29 March 2007 to have Scotiabank own 24.99% of TBANK in the initial stage.
Scotiabank will purchase 157.13 million existing shares from TCAP and 276.26 million new shares at Bt16.37 per share. The transaction is subject to approval by the Bank of Thailand, which is expected to come within June 2007. The agreement also allows Scotiabank to increase its stake in TBANK to 49% by the end of December 2007, upon regulatory approval.
TRIS Rating expects that after the transaction is completed, TBANK’s capital structure will be strengthened. However, consent by the Bank of Thailand is crucial to the success of the deal because regulations limit foreign shareholdings.
TRIS Rating will fully review TBANK’s and TCAP’s business and financial profiles and will announce the ratings to the public. Currently, TRIS Rating has assigned both TBANK and TCAP company and issue ratings of “A”, with “stable” outlooks. — End
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Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.
Scotiabank will purchase 157.13 million existing shares from TCAP and 276.26 million new shares at Bt16.37 per share. The transaction is subject to approval by the Bank of Thailand, which is expected to come within June 2007. The agreement also allows Scotiabank to increase its stake in TBANK to 49% by the end of December 2007, upon regulatory approval.
TRIS Rating expects that after the transaction is completed, TBANK’s capital structure will be strengthened. However, consent by the Bank of Thailand is crucial to the success of the deal because regulations limit foreign shareholdings.
TRIS Rating will fully review TBANK’s and TCAP’s business and financial profiles and will announce the ratings to the public. Currently, TRIS Rating has assigned both TBANK and TCAP company and issue ratings of “A”, with “stable” outlooks. — End
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Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.