Fitch Ratings yesterday assigned a national rating of "A+(tha)" to Krung Thai Bank's hybrid tier-1 securities, to be issued in the domestic market.

These are non-cumulative, perpetual securities with a call option exercisable after 10 years from the issuance date, with an ability to absorb losses on a going-concern basis.

Fitch gave the state-owned lender a long-term foreign currency issuer default rating of "BBB+" with a stable outlook, a short-term foreign currency rating of "F2", a foreign currency subordinated debt rating of "BBB", and a foreign currency rating on offshore hybrid tier 1 securities of "BBB-".

KTB's hybrid tier-1 securities are subordinated to the bank's deposits and other senior and subordinated liabilities, except those liabilities which by their terms rank equal with or junior to the securities.

The "A+(tha)" rating for its hybrid tier-1 securities is one notch below the bank's "AA+(tha)" long-term national rating, reflecting Fitch's belief that government support is less likely to be extended to KTB's hybrid tier-1 securities in the event of any deterioration in the bank's stand-alone financial strength.

Meanwhile, Standard and Poor's Ratings Services yesterday affirmed its "BBB+/A-2" credit ratings on Bangkok Bank and removed them from CreditWatch. The outlook is stable.

A CreditWatch on the "BBB" rating for Bangkok Bank's subordinated debt was also removed.

The affirmation follows Standard and Poor's similar action on Thailand's sovereign credit ratings.

The country's long-term foreign currency rating, long-term outlook and short-term foreign currency rating were affirmed at "BBB+", stable and "A-2", respectively.

The country's long-term local currency rating, long-term outlook, and short-term local currency rating are "A", stable and "A-1", respectively.

The ratings were placed on CreditWatch, with negative implications, on September 19 following the military coup.

Standard and Poor's also affirmed foreign and local currency ratings and a stable outlook for the Electricity Generating Authority of Thailand, PTT, PTT Exploration and Production, PTT Chemical, Thai Oil and The Aromatics (Thailand).

Ratings for the six corporations were placed on CreditWatch, with negative implications, after the coup.