S&P rates Siam Commercial notes BBB+

Standard & Poor's said that it had assigned BBB+/A-2 ratings to the $2.5 billion euro medium-term notes program by Siam Commercial Bank PCL (BBB+/stable/A-2).

The program will comprise only senior notes, with noteholders having the benefit of negative pledge, the agency said. They will constitute direct, unconditional, unsecured and unsubordinated obligations of Siam and rank pari passu among themselves and equally with all other unsecured obligations.

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