...Group Support Drives Ratings: The ratings of UOB Capital Services Company Limited (UOBCAP) reflect Fitch Ratings' expectation of a high probability of extraordinary support from its parent, United Overseas Bank (Thai) Public Company Limited (UOBT; AAA(tha)/Stable). UOBCAP is 99.99%-owned by UOBT and plays a strategically important role in the parent's retail banking operations. Support from UOBT is ultimately underpinned by Singapore-based United Overseas Bank Limited (UOB; AA-/Stable/VR: aa-), which owns 99.7% of UOBT. National Ratings Relativities: The ratings also take into consideration UOBCAP's support- driven, local-currency credit profile relative to other entities on the Thai national rating scale. UOBCAP's rating denotes the lowest expectation of default risk relative to other issuers in the country. High Support Ability: UOBT's ability to support UOBCAP is underpinned by its local-currency credit profile, which is in turn driven by UOB's Long-Term IDR of 'AA-'. We expect that...
