September 17, 2012 / 8:58 AM / in 5 years

TEXT-Fitch rates Bangkok Bank's USD senior notes 'BBB+'

(The following statement was released by the rating agency)

Sept 17 - Fitch Ratings has assigned Bangkok Bank Public Company Limited’s (BBL: ‘BBB+'/Stable) proposed senior unsecured notes ratings of ‘BBB+'.

The notes are to be issued through BBL’s Hong Kong branch. The proceeds will be used for the bank’s general corporate purposes.

The senior unsecured notes are rated at the same level as BBL’s Long-term Foreign-Currency Issuer Default Rating (IDR) of ‘BBB+'. BBL’s rating reflects its sound capital and profitability, strengthened asset quality and reserves, and its strong domestic franchise. Fitch believes BBL’s overall financial position is sufficiently robust to absorb considerable credit stress.

BBL is Thailand’s largest commercial bank by consolidated assets with an 18% share of loans and a 20% share of deposits at end-June 2012. BBL has a strong business franchise in large corporates and SMEs and continues to expand into retail lending. BBL has 1,077 domestic and 25 offshore branches and one representative office in 13 markets, mainly in Asia.

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