Bangkok--11 Jul--Fitch Ratings
Fitch Ratings has assigned Siam Commercial Bank Public Company Limited’s (SCB) unsubordinated unsecured revolving debenture programme of up to THB50bn a National Short-Term rating of ‘F1+(tha). The debentures will have a maturity not exceeding 270 days and will be released in several tranches after the document’s filing with the Securities and Exchange Commission Thailand.
The proceeds will be used for the bank’s general corporate purposes.
SCB's unsubordinated unsecured debenture programme is rated at the same level as the bank's National Short-Term rating of 'F1+(tha)', which is consistent with its National Long-Term rating of ‘AA(tha)’. The bank’s ratings are based on its strong profitability, strengthened asset quality and reserves, solid retail and corporate business franchise, and moderate capitalisation.
SCB, established under the Royal Charter in 1904, is Thailand’s fourth-largest universal bank. The Crown Property Bureau is the largest private shareholder with a 24% stake. The Ministry of Finance indirectly holds 23% of SCB through the Vayupak Fund.