S&P gives Krung Thai Bank hybrids BB+

Standard & Poor's said it assigned its BB+ rating to the proposed perpetual, non-cumulative, hybrid tier-I securities by Krung Thai Bank Public Co. Ltd. (BBB/stable/A-2).

The agency said that the differential between the BBB counterparty credit rating on the company and the BB+ rating on the proposed hybrid tier-I securities reflects the subordinated nature of the securities and an interest deferral feature.

Under this interest deferral feature, S&P said that the bank shall not pay any interest if this results in a retained loss and a current loss on the payment date.

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