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Fitch upgrades Standard Chartered Bank (Thai)'s short-term ratings

Fitch Ratings upgraded the short-term foreign and local currency issuer default ratings of Standard Chartered Bank (Thai) PCL to F1 from F2.

The rating agency said Sept. 4 that it also affirmed the bank's long-term issuer default ratings at A-, with a stable outlook. In addition, Fitch affirmed the company's national long- and short-term ratings at AAA(tha) and F1+(tha), respectively, as well as its viability rating at "bbb."

The rating agency also affirmed the Thai bank's support rating at 1, highlighting the extremely high probability of timely support from its parent, U.K.-based Standard Chartered Bank, under extraordinary circumstances.

The rating upgrade is part of Fitch's broader reassessment of short-term ratings across support-driven financial institutions and mirrors a recent rating action on Thailand's sovereign in May.

Standard Chartered Bank (Thai) and Standard Chartered Bank are units of Standard Chartered PLC.