Fitch Places Capital Nomura's National Long-Term Rating on Rating Watch Positive; Withdraws Ratings

At the same time, Fitch has withdrawn both the National Long- and Short-Term Ratings of CNS for commercial reasons.

KEY RATING DRIVERS
The RWP is based on the announcement that Bank of Ayudhya Public Company Limited (BAY, BBB+/Stable/AAA(tha)) has reached an agreement to acquire a 99.1% stake in CNS from Nomura Asia Investment (Singapore) Pte Ltd. Fitch believes there may be upside on CNS's National Long-Term Rating after a reassessment of extraordinary support from the new shareholder along with consideration of CNS's relative credit profile among peers on our Thai National Rating scale.

CNS's National Ratings are driven by Fitch's expectation of extraordinary support from the ultimate parent, Nomura Holdings, Inc. (NHI, A-/Stable/bbb+), in times of need. The ratings are underpinned by NHI's Viability Rating (VR) of 'bbb+'. For more details, please refer to CNS's previous rating action commentary, "Fitch Removes RWN on Capital Nomura; Affirms 'AA(tha)'; Outlook Stable", published on 13 September 2021.

CNS's National Short-Term Rating is already at the highest level and hence there is no potential upside.

RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Rating sensitivities are not applicable as the ratings have been withdrawn.

Factors that could, individually or collectively, lead to positive rating action/upgrade:
Rating sensitivities are not applicable as the ratings have been withdrawn.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
CNS's National Ratings are linked to NHI's VR.

Additional information is available on www.fitchratings.com

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