(The following statement was released by the rating agency)
BANGKOK/SINGAPORE, July 02 (Fitch) This announcement corrects
published on 23 April 2014 to include disclosure language
Kasikornbank Public Company Limited's shareholding in Fitch
Limited that was missing from the previous version.
Fitch Ratings has assigned Kasikornbank Public Company Limited's
BBB+/Stable) USD350m senior unsecured notes due October 2019 a
final rating of
'BBB+'. The notes are issued under KBank's USD2.5bn euro medium
term note (EMTN)
programme and are issued by the bank's Cayman Islands branch.
The rating action follows the completion of the bond issue, as
well as the
receipt of final documents conforming to information previously
final rating is the same as the expected rating assigned on 22
KEY RATING DRIVERS
The senior notes are rated at the same level as KBank's
Currency Issuer Default Rating (IDR) of 'BBB+' as they represent
unsubordinated obligations of the bank.
KBank's ratings are based on its solid domestic franchise,
quality, steady funding and liquidity, sound capitalisation as
well as strong
The rating of the senior unsecured notes would be directly
impacted by any
changes in KBank's Long-Term Foreign Currency IDR.
A higher sovereign rating, improvement in the operating
environment and further
strengthening of the bank's overall financial profile, may be
KBank's ratings. The prospects of an upgrade in the bank's IDRs
Rating are currently low.
A downgrade may result from an increasing risk of significant
asset quality that leads to an erosion of profitability or
include increasing risk appetite through rising loan
excessive loan growth in the absence of further strengthening
higher profitability and capital.
The other ratings of KBank are unaffected by this 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)'
USD2.5bn EMTN programme: 'BBB+'
Long-term foreign currency senior unsecured debt: 'BBB+'
National short-term senior unsecured debt: 'F1+(tha)'
National long-term subordinated debt (legacy Basel II Tier 2
Fitch Ratings Singapore Pte Ltd
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Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234,
Disclosure: Kasikorn Asset Management Company Limited (of which
KBank holds a
100% stake) owns 10% of the shares in Fitch Ratings (Thailand)
Thai Life Assurance Company Limited (of which KBank holds a
interest) owns 10% of the shares in Fitch Ratings (Thailand)
shareholder, other than Fitch Ratings Limited of the UK, is
involved in the
day-to-day operations of, or credit rating reviews undertaken by
Additional information is available at www.fitchratings.com
Applicable criteria, "Global Financial Institutions Rating
Criteria" dated 31
January 2014, is available on www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
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