Fitch rates Kasikornbank notes AA(tha)

Fitch Ratings (Thailand) said it assigned an expected AA(tha) national long-term rating with a stable outlook to Kasikornbank Public Co. Ltd.'s Thai baht 315 million non-transferable promissory notes linked to the Deutsche Bank Dynamic Carry Index due 2008.

The notes are 100% principal protected. However, the return on the notes is linked to the performance of certain notional currency forward contracts - the Deutsche Bank Dynamic Carry Index. Consequently, there is a high volatility in potential return, of which the minimum level is set at zero.

According to Fitch, Kasikornbank's ratings reflect its strengthening asset quality, core capital, earnings and profitability. The bank's earnings growth is showing stronger signs of recovery, with the asset quality problems from the 1997 crisis becoming less of a drag.

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