Fitch affirms Siam Commercial Bank

Fitch Ratings said it affirmed the long-term issuer default rating on Siam Commercial Bank PCL at BBB+ and its national long-term rating at AA+(tha).

At the same time, Fitch affirmed the national long-term rating on the bank's wholly owned subsidiary, SCB Securities Co. Ltd., at AA(tha).

The outlooks are stable.

The agency said the bank’s ratings reflect its solid domestic franchise as the largest bank in Thailand by consolidated assets (end-2018) and a particularly strong presence in retail banking.

The rating also takes into account the bank’s weakening profitability in the past few years and Fitch's expectation that profitability could remain lower than that of global rating peers over the medium term, the agency added.

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