TEXT-Fitch rates Islamic Bank of Thailand 'BBB-'/'AA(tha)'; outlook stable

The ratings of IBANK are a reflection of Fitch's view that support from the Thai government is very probable. The main reasons for that are the country's high effective ownership of 93.7% and close control, the bank's legal status as a specialised financial institution (SFI), strong linkages between the bank and the state, and historical financial support from the government. Also, the bank's role in terms of public policy is not to underestimate. The bank's rating is lower than the one of the other three Fitch-rated SFIs since its direct government ownership is lower and the government commitment for support stated in its establishment act is less explicit.

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