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TRIS Rating Affirms Company & Senior Unsecured Debt Ratings on TCAP at

TRIS Rating Affirms Company Rating on SAWAD at BBB with Stable

TRIS Rating affirms the company rating on Srisawad Corporation PLC (SAWAD) at ?BBB+? with a ?stable? outlook. The rating reflects the company?s strong market presence in the title loan business; very strong capital, leverage, and earnings assessment; and adequate funding and liquidity profile. However, the rating is constrained by the fragile economic environment, intensifying competition, and the company?s relatively high exposure to risky property-backed loans. KEY RATING CONSIDERATIONS Strong market presence maintained The company?s strong market presence as one of the major operators in the title loan business continues to support its business position. We expect the company?s market position to remain strong, despite stagnant loan growth in 2020 and the first quarter of 2021. The slower credit growth momentum stemmed from the adverse impacts of the Coronavirus Disease 2019 (COVID-19) pandemic. In the longer term, we expect the company?s loan growth will continue to be driven

TRIS Rating Affirms Company Rating on TSFC at BBB with Stable

TRIS Rating affirms the company rating on TSFC Securities PLC (TSFC) at ?BBB? with a ?stable? rating outlook. The rating reflects the company?s moderate business position, strong capital, leverage, and earnings assessment, strong risk position, and manageable funding and liquidity profile. KEY RATING CONSIDERATIONS Moderate business position The company?s business position is supported by its unique role as the only securities finance company (SFC) in Thailand with missions to provide liquidity for securities firms and to act as a supporting arm to help with the development of Thai capital markets. TSFC?s business stability is determined by the nature of its business, which concentrates on margin lending. Its business volume and revenue tend to move in tandem with the stock market performance and investor demand. For instance, at the end of September 2020 outstanding margin loans stood at THB2.6 billion, a 30% drop from THB3.7 billion at the end of December 2019. This was due to

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