= Ultimate Parent
Fitch Ratings (Thailand) Limited commenced operations in Bangkok in February 2001. The founding shareholders included Fitch Ratings Limited (UK), The World Bank's International Finance Corporation and Thailand's Government Pension Fund, as well as Thai asset managers and insurers. Fitch Ratings Limited currently holds 49.9% ownership, while Thai institutional investors hold 50.1%. No shareholder other than Fitch Ratings Limited is involved in the day-to-day operations of the Thai office. Fitch Ratings Thailand was established to help in the continuing development of Thailand's debt capital markets.