Research Update: Thailand's Siam Commercial Bank 'BBB+/A-2' Rating Affirmed On Revised Criteria; Outlook Is Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Siam Commercial Bank (SCB) under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BBB+/A-2' ratings on SCB. The outlook is stable. Our ratings on SCB reflect the bank's 'bbb-' anchor, "strong" business position, "adequate" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. Our ratings also factor in potential extraordinary government support in a crisis as SCB has "high systemic importance." The stable outlook reflects our expectation that the bank's business position is likely to remain strong and it will largely maintain its financial profile. As we previously announced, on Dec. 6, 2011, Standard & Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term issuer credit...

Companies mentioned in this report are: Siam Commercial Bank Public Co. Ltd.
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Siam Commercial Bank Public Co. Ltd.

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