S&P Global Ratings removed all ratings of TMB Bank PCL from CreditWatch after the bank received regulatory and shareholder approvals for its merger with Thanachart Bank PCL.
The rating agency said Oct. 24 it affirmed the Thai bank's BBB- long-term and A-3 short-term issuer credit ratings, with a positive outlook.
Ratings also affirmed its issue rating on TMB Bank's senior unsecured debt and removed the all the bank's ratings from CreditWatch, where they were placed with positive implications in February.
The rating agency believes that TMB Bank's systemic importance could improve gradually over the next 18-24 months as it moves ahead with the operational integration and marketing process for the merged entity. Following the merger, TMB Bank is expected to benefit from an enhanced size, with a little over 10% market share of each system-wide gross loans and total deposits, Ratings said.
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