Fitch cuts Kasikornbank to BBB

Fitch Ratings said it downgraded Kasikornbank PCL’s long-term issuer default rating to BBB from BBB+ with a stable outlook, its senior unsecured rating to BBB from BBB+ and its Basel III tier 2 compliant subordinated debt, which has been removed from under criteria observation, to BB+ from BBB.

Fitch also affirmed the bank’s national long-term rating at AA+(tha).

The downgrade reflects the bank’s challenging operating environment and the large-scale economic disturbance caused by the coronavirus pandemic, Fitch said.

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