Moody's affirms TMB Bank

Moody's Investors Service said it affirmed TMB Bank plc's (D-/Baa2/prime-2) B1/stable outlook for its hybrid tier 1 securities. All other ratings are unaffected.

Moody's said it based the affirmation at B1/stable on the expectation that TMB will be able to make distributions on the hybrid securities from July 2008 onwards.

However, the rating also reflects continuing uncertainty as to whether TMB's earnings for the second half of 2007 will be sufficient to allow the January 2008 distribution, given Thailand's current economic malaise, the agency added.

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