Fitch cuts Maybank Kim Eng Securities

Fitch Ratings said it downgraded Maybank Kim Eng Securities (Thailand) PCL's national long-term rating to AA(tha) from AA+(tha).

“Mbket's ratings are driven by our expectations of institutional support from its Malaysia-based parent, Malayan Banking Bhd. (Maybank; BBB+/Stable). The downgrade in Mbket's rating is consistent with a similar rating action for the parent's long-term issuer default rating (IDR) on April 13, 2020, while also taking into account relativities within the Thai national rating scale,” said Fitch in a press release.

The outlook is stable.

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