Moody’s rates Kasikornbank notes Baa3(hyb)

Moody’s Investors Service said it assigned a Baa3(hyb) foreign currency subordinated debt rating to Kasikornbank PCL’s planned dollar-denominated subordinated notes, issued under its $2.5 billion euro medium-term note program. The subordinated notes will be treated as tier 2 capital, with loss-absorption triggered upon the occurrence of a non-viability event.

“The Baa3(hyb) rating is positioned two notches below Kasikornbank’s baa1 adjusted baseline credit assessment in line with Moody’s standard notching guidance for subordinated debt with loss triggered at the point of non-viability on a contractual basis,” said Moody’s in a press release.

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