RPT-Fitch Rates Kasikornbank's Senior Notes Final 'BBB+'
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April 23 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned Kasikornbank Public Company Limited's (KBank; 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 received. The final rating is the same as the expected rating assigned on 22 April 2014.
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.
KBank's ratings are based on its solid domestic franchise, improved asset quality, steady funding and liquidity, sound capitalisation as well as strong profitability.