Singapore, December 18, 2019 — Moody’s Investors Service has today affirmed the Baa1 foreign currency long-term bank deposit ratings of Bangkok Bank Public Company Limited’s (BBL) with a positive outlook.
Moody’s has also affirmed BBL’s Baseline Credit Assessment (BCA) and adjusted BCA at baa1.
BBL’s outlook is positive, in line with the positive outlook on Thailand’s sovereign rating (Baa1 positive).
Today’s rating action follows the announcement by BBL on 12 December 2019 that it will acquire a 89.12% stake in Bank Permata Tbk (P.T.) (Baa3 review for upgrade, ba1) from Standard Chartered Bank (A1 stable, baa1) and PT Astra International Tbk.
The transaction is subject to regulatory approvals from the Bank of Thailand and Indonesia’s Financial Services Authority, as well as approval from the BBL’s shareholders. The affirmation of BBL’s baa1 BCA reflects Moody’s expectation that the bank’s standalone credit profile, as reflected by its solvency and liquidity, will broadly remain stable after the planned acquisition.
The proposed acquisition will…