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Moody's downgrades Japan's credit rating
Moody’s downgraded Japan’s credit rating yesterday, citing “rising uncertainty” over its debt situation and Tokyo’s efforts to kick-start the world’s No 3 economy.
The ratings agency said it cut the country’s rating by one notch to “A1” from “Aa3” after the economy sank into recession last quarter. – AFP
BAM to issue bonds
Bangkok Commercial Asset Management Co will issue three-year debentures worth Bt4.5 billion to support expansion plans.
The coupon rate is 3.33 per cent.
The bonds go on sale from December 8-9 to 11.
Bank of Ayudhya and Kasikornbank are the offering’s underwriters.
Insurers thrive
Thailand’s insurance industry is likely to grow steadily in 2015 supported by improving economic activity, low market penetration, and a rising middle-income population, Fitch Ratings says in a new report.
In addition, the strengthening in regulatory capital requirements will likely lead to industry consolidation.
Fitch’s “stable” outlooks for 2015 for both the life and non-life insurance sectors are based on insurers’ solid credit fundamentals, strong capitalisation and the growth potential of the industry. The agency also believes the implementation of Phase 2 of a risk-based capital (RBC) framework, while challenging in the short term, will benefit the industry in the long term.
