Moody's rates Bangkok Bank notes A3

Moody's Investors Service said it assigned an A3 foreign-currency senior unsecured debt rating to the global senior unsecured notes to be issued by Bangkok Bank PCL in maturities of up to 10 years. The issuer will be the bank's Hong Kong branch.

The outlook is negative since it is at Thailand's A3 foreign-currency bond country ceiling, which also has a negative outlook.

The ratings reflect the bank's D+ bank financial strength rating, which maps to a baseline credit assessment of Baa3, Moody's said, and its systemic importance in the Thai banking sector.

As Thailand's largest bank by assets, Moody's said it believes its senior debt and deposit holders would benefit from high systemic support.

Concerns about a supported bank's ability to source foreign currency often prevent a rating of its foreign-currency debt above the foreign-currency debt of its sovereign, which is Baa1 for Thailand, Moody's said.

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