Fitch affirms ING Bank

Fitch Ratings said it affirmed ING Bank NV's 5.74 billion in Thai baht due 2014 and 4.26 billion in Thai baht senior bonds due 2016 at AAA(tha).

The affirmation follows a similar affirmation of the bank's long-term foreign-currency issuer default rating at A+ and short-term foreign-currency issuer default rating at F1+.

The rating is the highest on Thailand's national rating scale, reflecting ING Bank's long-term foreign-currency issuer default rating of A+, which is higher than Thailand's long-term local-currency issuer default rating of A-, equivalent to AAA(tha) on the national scale, Fitch said.

The ratings of the bonds are less vulnerable to a weakening of potential support by the Dutch state than to a weakening of the standalone performance of the bank, the agency said.

The ratings continue to reflect the potential support from the Dutch state, Fitch said, should this be required.

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