OREANDA-NEWS. Fitch Ratings (Thailand) has revised the Outlook for Maybank Kim Eng Securities (Thailand) Public Company Limited (MBKET) to Stable from Negative and affirmed its National Ratings. A full list of rating actions is included at the end of this commentary.

The Outlook revision follows a similar revision to the Outlook on MBKET's ultimate parent, Malayan Banking Berhad (Maybank; A-/Stable/F2) on 19 August 2016. See Fitch Affirms Two Malaysian Banks; Upgrades HLBB. Following the change in the Outlook on Maybank to Stable from Negative, Fitch reviewed parental support for MBKET and its creditworthiness relative to the Thai sovereign (BBB+/Stable), and deems MBKET's National Long-Term Rating as Stable.

KEY RATING DRIVERS

MBKET's National Ratings reflect Fitch's view that there is a high likelihood of the firm receiving extraordinary support from Maybank, if needed. The entity is a strategically important subsidiary of Maybank Group, due to clear management control, strong integration and high operational and financial support.

RATING SENSITIVITIES

MBKET's National Ratings would be affected by changes in the parent's ability to provide support. Rating changes at Maybank would be likely to lead to similar changes at MBKET. A significant weakening in Maybank Group's propensity to support its Thai subsidiary could lead to a rating downgrade, although Fitch deems this as not probable in the medium term.

The rating actions are as follows:

Maybank Kim Eng Securities (Thailand) Public Company Limited

-National Long-Term Rating affirmed at 'AA+(tha)'; Outlook revised to Stable from Negative

-National Short-Term Rating affirmed at 'F1+(tha)'

-National Long-Term Rating on senior unsecured debt affirmed at 'AA+(tha)'