Fitch rates Kasikornbank debt AA-(tha)

Fitch Ratings (Thailand) said it assigned Kasikornbank PCL's (AA(tha)/stable) upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures a rating of AA-(tha).

The bank plans to use the proceeds to strengthen its Tier 2 capital and for general corporate purposes.

The Basel III Tier 2 notes are rated one notch below the anchor rating to reflect their higher loss-severity risk relative to senior unsecured instruments arising from their subordinated status. Key terms of the notes include a non-viability trigger (defined as emergency capital assistance from the central bank or any other empowered government agency), with a partial rather than mandatory full write-down feature.

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