S&P rates Kasikornbank senior notes BBB+

Standard & Poor's said it assigned a BBB+ rating to the senior unsecured notes issued under the $2.5 billion euro medium-term notes program of Kasikornbank PCL, along with a BBB rating to its lower tier 2 subordinated notes.

The agency also assigned a BBB+ rating to the benchmark senior unsecured notes to be drawn down from the program.

The rating differential between the senior unsecured notes and the lower tier 2 subordinated notes reflects the latter's subordinated nature, S&P said.

The senior notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank. They will at all times rank pari passu with all other unsecured obligations. The unsecured subordinated notes will be subordinate to the claims of the senior debt holders, the agency said.

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