.

It said the stand-alone rating was enhanced by KTZ’s current classification as a strategically important subsidiary of Krung Thai Bank (KTB), which owns a 50 per cent stake in KTZ.

The rating reflects KTZ’s market position in securities and derivatives brokerage, its presence in Indochina markets through its affiliated securities companies, its diversified revenue base, and both the business and financial supports it receives from KTB, it said.

The ratings are, however, constrained by KTZ’s weakening profitability, tight capital position and the intense competition squeezing brokerage commission rates.