Fitch affirms Phatra

Fitch Ratings said it affirmed Phatra Securities PCL's national long-term rating at A-(tha) and national short-term rating at F2(tha).

The outlook is stable.

This follows news of its restructuring plan, which may result in the transfer of Phatra's investment business to a newly set-up holding company, Fitch said.

The ratings continue to reflect the company's relatively strong investment banking and brokerage franchise for institutions and high net worth clients, as well as its solid capital, high liquidity and debt free position, Fitch said.

Although the restructuring could result in weaker profitability, due to the exclusion of income from investment business, this should be offset by a lower risk profile, the agency said.

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