Fitch rates Kasikornbank notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to Kasikornbank PCL's $350 million senior unsecured notes due October 2019.

The notes are issued under the bank's $2.5 billion euro medium-term note program and are issued by the bank's Cayman Islands branch.

The action follows the completion of the bond issue, as well as the receipt of final documents conforming to information previously received, the agency said.

The final rating is the same as the expected rating assigned April 22, Fitch said.

The senior notes are rated at the same level as the bank's long-term foreign-currency issuer default rating of BBB+ as they represent unsecured and unsubordinated obligations of the bank, the agency said.

The bank also has a short-term foreign-currency issuer default rating of F2, viability rating of BBB+, national long-term rating of AA(tha), national short-term rating of F1+(tha), long-term foreign-currency senior unsecured debt rating of BBB+, national short-term senior unsecured debt rating of F1+(tha) and national long-term subordinated debt rating of AA-(tha).

The ratings are based on the bank's solid domestic franchise, improved asset quality, steady funding and liquidity, sound capitalization and strong profitability, Fitch said.

The rating on the notes is directly impacted by any changes in the bank's long-term foreign-currency issuer default rating, the agency said.

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