Fitch affirms four Thai non-bank financials

Fitch Ratings (Thailand) said it affirmed the national long-term ratings on the following four Thai non-bank subsidiaries of foreign financial institutions: Easy Buy PCL at AA+(tha); Maybank Kim Eng Securities (Thailand) PCL at AA+(tha); Yuanta Securities (Thailand) Co. Ltd. at AA(tha); and Capital Nomura Securities PCL at AA(tha).

The outlooks are stable.

Fitch said the four entities' ratings are driven by its expectations of institutional support from their parents, namely Acom Co., Ltd. (A-/stable), Malayan Banking Bhd. (Maybank; A-/stable), Yuanta Financial Holdings Co., Ltd. (BBB+/stable) and Nomura Holdings, Inc. (A-/stable, viability rating: bbb+).

This view reflects the companies' strategic importance to their parents as indicated by the parents' significant ownership, high levels of management control and integration, strong synergies with the parent groups, and historical evidence of support, the agency explained.

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