Fitch Ratings raised the outlook on Bangkok Commercial Asset Management PCL's national long-term rating to stable from negative.

The rating agency said Aug. 9 that it also affirmed the company's national long-term rating at AA-(tha) and its national short-term rating at F1+(tha).

The raised outlook was based on Fitch's reassessment on the timing of the company's privatization. The rating agency had placed a negative outlook on Bangkok Commercial Asset Management's national long-term rating in 2014 to reflect the plan to partially privatize the company in a stock-exchange listing.

The rating agency said it believes that there is still insufficient evidence that privatization could occur in the short term, but the likelihood of privatization remains over the medium term.