Moody’s rates Kasikornbank notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the dollar-denominated senior unsecured notes proposed by Kasikornbank PCL and to be issued under its $2.5 billion euro medium term-note program.

The bonds will have a maturity of 5.5 years and will be listed on the Singapore Stock Exchange, the agency said. The drawdown will be from the bank’s Hong Kong branch.

The outlook is stable.

The agency said the rating is anchored on the bank’s baa2 baseline credit assessment and one notch of uplift, reflecting Moody's government support assumptions.

Such support is likely, given the size and importance of the bank to the system, as well as the government’s record of support for Thai banks, Moody’s added.

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