(The following statement was released by the rating agency)
BANGKOK, August 04 (Fitch) Fitch Ratings (Thailand) has affirmed
ING Bank N.V.'s
(ING Bank) THB4.26bn senior unsecured bonds due 2016 at
'AAA(tha)'. This follows
the recent affirmation of ING Bank's ratings on 24 July 2014
(see "Fitch Affirms
ING Bank at 'A+'; ING Group at 'A'; Outlooks Negative" at
KEY RATING DRIVERS
The rating of the bonds is based on ING Bank's Long-Term Foreign
Default Rating (IDR) of 'A+', which is higher than Thailand's
Currency IDR of 'A-' and hence correlated to 'AAA(tha)', the
highest rating on
Thailand's National rating scale.
ING Bank's IDR and senior debt ratings are at the bank's 'A+'
Floor (SRF), reflecting Fitch's expectation that there remains
an extremely high
probability that the Dutch state (AAA/Stable) will support the
required, given its systemic importance to the domestic economy
The Negative Outlook on ING Bank's 'A+' Long-Term IDR reflects
expectation that sovereign support for banks is likely to
decline in the
European Union (EU). See "Sovereign Support for Banks - Rating
Expectations", dated 27 March 2014, available at
The 'AAA(tha)' rating on ING Bank's bonds is the highest on the
and, hence, no rating upside is possible.
A downgrade of the Thai baht-denominated bond's rating is
unlikely in the short
to medium term. When regulatory initiatives that reduce state
support for banks
substantially are put in place, Fitch's base case for most EU
ING Bank) is that their SRFs will be revised down to 'No Floor'
in 2H14 or in
1H15, at which point these banks' Long-Term IDRs will be driven
Viability Ratings (VR), which reflect their standalone
Bank's Long-Term IDR is thus likely to be downgraded in 2H14 or
in 1H15 but the
bank's 'a' VR would limit the downgrade of the Long-Term IDR to
one notch. This
means that ING Bank's Long-Term Foreign Currency IDR is likely
to fall to 'A',
which is still above than Thailand's Long-Term Local Currency
IDR of 'A-'.
ING Bank is the largest Dutch bank by total assets and it has a
and commercial banking franchise in the Benelux region.
ING Bank's other ratings are not affected and are as follows:
Long-Term IDR: 'A+'; Outlook Negative
Short-term IDR: 'F1+'
Viability Rating: 'a'
Support Rating: '1'
Support Rating Floor: 'A+';
Subordinated debt: 'A-'
Senior unsecured notes: 'A+/F1+'
Short-term senior unsecured notes: 'F1+'
Commercial paper: 'A+/F1+'
Primary Analyst (ING Bank's THB bonds)
+662 108 0152
Fitch Ratings (Thailand) Limited
Park Ventures, Level 17
57 Wireless Road, Lumpini
Patumwan, Bangkok 10330
Secondary Analyst (ING Bank's THB bonds)
Parson Singha, CFA
+662 108 0151
Committee Chairperson (ING Bank's THB bonds)
+65 6796 7229
Philippe Lamaud (ING Bank, ING Belgium, ING Group)
+33 144 29 91 26
Fitch France S.A.S.
60, rue de Monceau
Jens Hallen (ING Bank, ING Belgium)
+44 203 530 1326
Marc-Philippe Juilliard (ING Group)
+33 144 29 91 37
Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153,
email@example.com; Leslie Tan, Singapore, Tel: +65
67 96 7234,
Note to Editors: Fitch's National ratings provide a relative
creditworthiness for rated entities in countries with relatively
international sovereign ratings and where there is demand for
such ratings. The
best risk within a country is rated 'AAA' and other credits are
relative to this risk. National ratings are designed for use
mainly by local
investors in local markets and are signified by the addition of
for the country concerned, such as 'AAA(tha)' for National
ratings in Thailand.
Specific letter grades are not therefore internationally
Additional information is available at www.fitchratings.com.
Applicable criteria, "Global Financial Institution Rating
Criteria", dated 31
January 2014 and "National Scale Ratings Criteria", dated 30
October 2013, are
available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
National Scale Ratings Criteria
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