Fitch Rates Bangkok Bank#s Proposed USD Senior Notes #BBB+(EXP)#

Stocks and Financial Services Press Releases Thursday September 13, 2018 09:25
Bangkok--13 Sep--Fitch Ratings

Fitch Ratings has assigned Bangkok Bank Public Company Limited's (BBL; BBB+/Stable/bbb+) proposed US dollar denominated senior unsecured notes an expected 'BBB+(EXP)' rating. The notes will be issued under BBL's USD3.0 billion global medium-term note (GMTN) programme.

The final rating is subject to the receipt of final documentation conforming to information already received.
KEY RATING DRIVERS
The proposed senior notes are rated at the same level as BBL's Long-Term Foreign-Currency Issuer Default Rating (IDR) as they will represent its unsecured and unsubordinated obligations.

BBL's IDR is driven by its standalone credit profile and reflects its Viability Rating of 'bbb+', which is underpinned by its strong domestic franchise, particularly among large corporates and in international banking, and solid capitalisation as well as its lower risk appetite and more prudent funding and liquidity profile relative to domestic peers. Its funding and liquidity profile is characterised by a consistently low loan/deposit ratio and high level of liquid assets.

RATING SENSITIVITIES
Any change to BBL's Long-Term IDR, which is driven by its Viability Rating, would have a similar effect on the senior unsecured notes' ratings.
For full details on BBL's key rating drivers and sensitivities, see the previous rating action commentary.

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