Fitch affirms Kasikornbank

Fitch Ratings said it affirmed Kasikornbank PCL's long-term foreign-currency issuer default rating at BBB+ with negative outlook, short-term foreign-currency issuer default rating at F2 and national long-term rating at AA(tha) with stable outlook, national short-term rating at F1+(tha), long-term foreign-currency subordinated debt at BBB, national long-term senior unsecured debt at AA(tha), national short-term senior unsecured debt at F1+(tha) and national long-term subordinated debt at AA-(tha).

The ratings are based on the bank's strong franchise and capital, although asset quality and profitability could be impacted by the severe economic contraction in 2009, Fitch said.

The ratings also factor in the high probability of government support due to the bank's systemic importance, the agency said.

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