TCap maintains ‘A+’ rating

TRIS Rating has given both Thanachart Capital and its senior unsecured debentures an “A+”.
The ratings are based on TCap’s position as a holding company of the Thanachart Group, its management control of Thanachart Bank – its core bank subsidiary – through a 50.96-per-cent ownership stake, and the stable stream of dividends it receives from TBank. 
The ratings take into consideration the group’s overall strength, particularly in lending for auto hire-purchase.
TCap’s rating is one notch below that of TBank’s “AA-”. The difference reflects the structural subordination of TCap’s obligations to those of TBank, TCAP’s reliance on dividends from TBank, and the supervisory barrier which may constrain TBank’s ability to pay dividends.