Fitch affirms Kasikornbank

Fitch Ratings said it today affirmed Thailand-based Kasikornbank PCL's BBB+ foreign-currency issuer default rating, F2 short-term foreign-currency rating, BBB/AA-(tha) foreign-currency subordinated debt ratings, AA(tha) national long-term rating, F1+(tha) national short-term rating, C individual rating and 2 support rating.

The outlook is stable.

The agency said the ratings reflect the sustained improvement in the bank's underlying profitability, asset quality and capital and its strong domestic banking franchise in middle market, corporate and retail banking, as well as its good management track record. Additionally, the support rating factors in a high probability of government support due to the bank's systemic importance.

Kasikornbank's ratings are capped by the BBB+ sovereign rating.

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