Fitch gives People's Merchant Bank BBB-

Fitch Ratings said it assigned a national long-term issuer rating of BBB-(lka) to People's Merchant Bank Ltd. (PMB).

The outlook is stable.

Fitch said that the BBB-(lka) national ratings denote an adequate credit risk relative to other issuers or issues in the same country.

However, changes in circumstances or economic conditions may affect the capacity for timely repayment of these financial commitments to a greater extent than financial commitments belonging to a higher rated category, the agency added.

Fitch noted that the rating reflects the potential support from its shareholders particularly People's Bank (A-(lka)), which currently owns 39% of PMBs shares and extends financial support as well as the usage of a common brand.

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