RPT-Fitch Rates Siam Commercial Bank's Senior Notes 'BBB+(EXP)'
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April 2 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned Siam Commercial Bank Public Company Limited's (SCB; BBB+/Stable) proposed US dollar senior unsecured notes, issued under its USD3.5bn medium-term note (MTN) programme, an expected 'BBB+(EXP)' rating.
The notes will be issued by SCB's Cayman Islands branch. The bank plans to use the proceeds for general corporate purposes and to meet the funding requirements of the bank.
The final rating is subject to the receipt of final documentation conforming to information already received.
KEY RATING DRIVERS
The notes are rated at the same level as SCB's Long-Term Foreign-Currency Issuer Default Rating (IDR) and the rating on its MTN programme of 'BBB+'. The notes represent unsecured and unsubordinated obligations of the bank.
SCB's IDR reflects its stand-alone credit strength. SCB is Thailand's second-largest commercial bank by assets as of December 2013, and it has sound profitability and capitalisation. Continuación...