Fitch Opens New Bangkok Office and Hosts Economic Briefing

Mon Mar 18, 2013 3:30am GMT

BANGKOK/SINGAPORE, March 17 (Fitch) Fitch Ratings today hosted an opening ceremony for its newly relocated office in Bangkok and a Global Economic Briefing on its new premises. The ceremony was officially opened by Dr. Vorapol Socatiyanurak, Secretary General of Thailand's Securities and Exchange Commission. H.E. Kittiratt Na Ranong, Deputy Prime Minister and Minister of Finance, provided the opening keynote address. Brett Hemsley, Managing Director and Head of Asia Pacific at Fitch Ratings gave the welcoming speech. "We started operations in Thailand in 2001, so this marks the twelfth anniversary of Fitch Ratings Thailand. Fitch also this year celebrates our 100th anniversary of establishment in New York in 1913. I believe that what differentiates Fitch is the transparency of our methodologies, the quality of our research, the timeliness of our rating actions and the accessibility of our analysts. One of the key differentiators of Fitch's business approach is the emphasis we place on local knowledge and the development of local offices," said Mr Hemsley. Andrew Colquhoun, Head of Sovereigns, Asia Pacific, led the Global Economic Briefing with an overview of the major global economies - US, Europe, China and Japan as well as the recent upgrade of the sovereign ratings for Thailand. "Fitch's upgrade of Thailand to 'BBB+'/Stable in March 2013 reflects the economy's resilience in the face of global and domestic shocks, underpinned in Fitch's judgement by a robust macroeconomic policy framework. Globally, the sovereign credit picture remains one of a narrowing differential between the higher-income economies and so-called emerging markets. This reflects both deterioration in high-income sovereigns' credit profiles and fundamental improvements in many emerging markets including greater economic stability and improved sovereign balance sheets," said Mr Colquhoun. Vincent Milton, Managing Director of Fitch Ratings Thailand who set up the agency for Fitch in February 2001 said that over the past decade the agency has developed a leading coverage of the major Thai and foreign financial institutions and corporations operating in Thailand. "When we first set up Fitch's office, Thailand was still recovering from the financial crisis of 1997 so the focus on deleveraging and restoring balance sheet strength was the top priority for Thai corporates and banks. Fortunately this rebuilding and cautious management of credit and other risks helped shield Thailand from the significant shocks over the past few years. We look forward to further contributing to the development of the Thailand's capital markets in the future," said Mr Milton. The opening ceremony was attended by over 150 senior executives, policy makers, investors and media. Contact: Vincent Milton +66 2108 0169 Fitch Ratings (Thailand) Limited Park Ventures Level 17, 57 Wireless Road, Lumpini, Patumwan, Bangkok 10330 Thailand Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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