Bangkok--30 Sep--Fitch Ratings
Fitch Ratings has today assigned an expected 'BBB+(EXP)' rating to KASIKORNBANK Public Company Limited's (KBank; BBB+/Stable) proposed US-dollar denominated senior unsecured notes, which will be issued under its USD2.5bn Euro Medium-Term Notes (EMTN) programme. The EMTN programme was affirmed at 'BBB+' in 17 May 2016.
The proposed tenure for the notes will be up to 5.5 years and they will be issued through KBank's Hong Kong branch. The proceeds would be used for the bank's funding and general corporate purposes.
The final rating is subject to the receipt of final documentation conforming to information already received.
KEY RATING DRIVERS
The senior notes are rated at the same level as KBank's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB+' as they represent unsecured and unsubordinated obligations of the bank.
RATING SENSITIVITIES
The rating of the senior unsecured notes would be directly impacted by any changes in KBank's Long-Term Foreign-Currency IDR.
For further details on KBank's key rating drivers and rating sensitivities, refer to the rating action commentary "Fitch Affirms Thailand's Four Largest Commercial Banks"
(https://www.fitchratings.com/site/pr/1004588) dated 17 May 2016 and available at www.fitchratins.com.
The other ratings of KBank are unaffected by this rating actions are as follows:
Long-Term Foreign-Currency IDR: 'BBB+'; Outlook Stable
Short-Term Foreign-Currency IDR: 'F2'
Viability Rating: 'bbb+'
Support Rating: '2'
Support Rating Floor: 'BBB-'
National Long-Term Rating: 'AA+(tha)'; Outlook Stable
National Short-Term Rating: 'F1+(tha)'
Senior unsecured USD2.5bn euro medium-term note programme: 'BBB+'
Long-term foreign currency senior unsecured debt: 'BBB+'
National long-term subordinated debt rating: 'AA(tha)'