Fitch rates Siam Commercial Bank notes BBB+

Fitch Ratings said it assigned Siam Commercial Bank PCL's (BBB+/stable) upcoming senior notes a BBB+ rating. The proposed notes will be issued under the bank's $2.5 billion medium-term note program, which was recently revised to allow issue of subordinated notes in addition to senior notes.

The ratings reflect the bank's solid profitability, as well as its adequate liquidity and strong capitalization, according to the agency.

The ratings also reflect the bank's strong domestic franchises in retail and corporate banking, the agency noted.

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