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TRIS Rating affirms the company rating on DBS Vickers Securities (Thailand) Co., Ltd. (DBSVT) at ?AAA? with a ?stable? outlook. The rating mainly reflects the company?s status as a highly strategic subsidiary of the DBS Group whose main operating entity is DBS Bank Ltd. (rated ?AA-/Stable? by S&P Global Ratings). KEY RATING CONSIDERATIONS Highly strategic subsidiary of the DBS Group We consider DBSVT to be a highly strategic subsidiary of the DBS Group. DBSVT is a wholly owned subsidiary of DBS Vickers Securities Holding Pte (DBSVH), the Singapore-based securities arm of the DBS Group. The company serves as an integral part of a platform to offer brokerage services to clients of the DBS Group and affiliated companies. As an integral part of the group, DBSVT adopts the group?s strategies and financial targets. DBSVT?s strong linkage with the group is evidenced by the company?s securities brokerage trading volume originating from affiliated companies that accounted for 7 ....
TRIS Rating affirms the company rating on Bualuang Securities PCL (BLS) at ?AA? with a ?stable? outlook. BLS?s rating is enhanced from its stand-alone credit profile to reflect its status as a highly strategic subsidiary of Bangkok Bank PCL (BBL, rated ?BBB+/Stable? by S&P Global Ratings). The company?s stand-alone rating also takes into consideration its strong market position in the securities business, solid capital and earnings assessment, prudent risk management policies, and strong funding and liquidity profile. KEY RATING CONSIDERATIONS A highly strategic subsidiary of BBL We view BLS as a highly strategic subsidiary of BBL as the company serves as a capital market arm of BBL providing a comprehensive range of capital market solutions for BBL?s clients. BLS is wholly owned by BBL. Business referrals between the two entities have been part of the group?s strategy. Currently, approximately 50% of the company?s newly added client accounts were referred from BBL. In ....