Fitch gives Bangkok Bank notes BBB+

Fitch Ratings said it assigned Bangkok Bank PCL's $3 billion global medium-term note program a senior unsecured rating of BBB+.

Fitch also assigned an expected BBB+(EXP) rating to Bangkok Bank's proposed unsecured senior notes to be issued under this global medium-term note program.

The notes will be issued through Bangkok Bank's Hong Kong branch. The proceeds will be used for the bank's general corporate purposes.

The senior unsecured notes are rated at the same level as Bangkok Bank's long-term foreign-currency issuer default rating of BBB+ as they represent unsecured and unsubordinated obligations of the bank.

Fitch said Bangkok Bank's rating reflects its steady asset quality, earnings and funding and its solid domestic franchise. The bank has maintained high capital and reserve coverage, which help to counterbalance the risks of its high corporate loan concentration.

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