S&P lifts Bangkok Bank

Standard & Poor's said it raised its long-term counterparty credit rating on Bangkok Bank Public Co. Ltd. to BBB- from BB+ and its $450 million 9.025% subordinated notes due 2029 and $300 million 8.75% subordinated notes due 2007 to BB+ from BB-.

The short-term counterparty credit rating was also raised to A-3 from B, S&P said.

The outlook is stable.

At the same time, S&P said it assigned its C bank fundamental strength rating to Bangkok Bank, reflecting the ongoing improvement of its financial profile, in particular, its strengthened profitability and improving capitalization.

The upgrade acknowledges Bangkok Bank's improving financial profile, which is characterized by better capitalization and stabilizing asset quality, the agency said.

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