Bangkok--26 Jan--Fitch Ratings
Fitch Ratings has today assigned a final rating of 'BBB+' to Siam Commercial Bank Public Company Limited's (SCB; BBB+/Stable) USD400m senior unsecured notes maturing in July 2022. The notes are issued by SCB's Cayman Islands branch, under the bank's USD3.5bn medium-term note programme.
The rating action follows the completion of the note issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 22 January 2017.
KEY RATING DRIVERS
The senior notes are rated at the same level as SCB's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent unsecured and unsubordinated obligations of the bank.
RATING SENSITIVITIES
The rating on the notes would be directly impacted by any changes in SCB's Long-Term Foreign-Currency IDR.
For further details on SCB'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.
SCB's other ratings are unaffected by this rating action and 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 USD3.5bn MTN programme: 'BBB+'
Long-term foreign currency senior unsecured debt: 'BBB+'
National short-term senior unsecured debt programme: 'F1+(tha)'
National long-term subordinated debt: 'AA(tha)'