Fitch gives Kasikornbank notes BBB

Fitch Ratings said it assigned Kasikornbank PCL’s proposed dollar-denominated Basel III-compliant tier 2 subordinated notes an expected rating of BBB. The proposed notes will be issued under the bank’s euro medium-term note program.

The proposed notes are rated a notch below the anchor rating. This reflects the proposed notes’ subordinated status and higher loss-severity risks relative to senior unsecured instruments. The non-viability trigger is defined as emergency capital assistance from the central bank or any other empowered government agency, in line with other Basel III tier 2 notes issued by Thai banks, Fitch said.

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