... (Thailand) Public Company Limited's (MST) ratings are underpinned by Fitch Ratings' belief that the company would receive extraordinary support from its ultimate parent, Malayan Banking Berhad (Maybank), in times of need. The ratings also consider MST's support-driven credit profile relative to other entities on the Thai national rating scale and reflects expectations of a very low level of default risk compared with other issuers in the country. Parent's Stronger Credit Profile: Maybank's ability to support MST is driven by our assessment of the bank's intrinsic creditworthiness. Maybank is the largest bank in Malaysia, and we believe it has a strong ability to provide support to the Thai subsidiary. Any extraordinary support would be manageable for the parent bank, given MST's relatively small size, accounting for less than 1% of the parent group's assets and equity at end-2024. Strategically Important Subsidiary: The ratings also...
