S&P pulls watch from two Thai banks

S&P said it affirmed it affirmed the BBB+ rating on Kasikornbank PCL and the BBB rating on Krung Thai Bank PCL and removed their ratings from CreditWatch with negative implications. The outlook is negative.

The banks are supported by their healthy capital and liquidity despite elevated pressures on asset quality, the agency said.

However, S&P noted that Thai banks are more vulnerable to the pandemic’s effect than many Asian peers, given the country's reliance on tourism, structural weaknesses in the small and midsize enterprise sector and high household and corporate leverage.

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