Fitch affirms Siam City Bank

Fitch Ratings said it affirmed Siam City Bank plc's long-term issuer default rating at BB, short-term issuer default rating at B, national long-term rating at A-(tha), national short-term rating at F1(tha) and national subordinated debt rating at BBB+(tha).

The outlook is stable.

The ratings reflect the bank's still weak franchise and weak asset quality, although Fitch said asset quality is stabilizing.

While there has been some improvement in the bank's operating environment, the agency said economic conditions remain weak and are likely to continue to constrain its performance.

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