Moody's cuts short-term ratings of three Thai banks

Moody's Investors Service said it affirmed the deposit and issuer ratings of the three A3-rated banks in Thailand and downgraded their short-term ratings to prime-2 from prime-1.

The three banks are Kasikornbank PCL, Siam Commercial Bank PCL and Standard Chartered Bank (Thai) PCL.

The downgrades reflect a view that these banks continue to feature the credit characteristics of companies with A3 ratings, but Moody's also acknowledged the transition risks of short-term ratings that A3-rated banks represent over time.

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