Moody's rates Siam Commercial notes A3

Moody's Investors Service said it assigned provisional A3 long-term and Prime-2 short-term foreign-currency debt ratings to the planned $2.5 billion euro medium-term note program of Siam Commercial Bank PCL.

The outlook is stable.

The senior notes will represent unsecured and unsubordinated obligations of Siam, the agency said. The program's terms and conditions contain a negative pledge.

Siam's provisional A3 foreign-currency senior rating reflects its D+ bank financial strength rating, which maps to a baseline credit assessment of Baa3, and its systemic importance to the Thai banking sector, the agency said.

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