Moody's rates Minor notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to the proposed perpetual securities issued by Minor International PCL and guaranteed by Bangkok Bank PCL, acting through its Singapore branch.

The proceeds of the issuance will be used by Minor for refinancing, Moody's said.

The rating on the perpetual securities is one notch lower than the bank's Baa1(cr) counterparty risk assessment, the agency said.

The company provides an unconditional and irrevocable guarantee on the securities until the earlier of full payment of all sums payable in respect of the securities and the first call date, which is three years from the date of issuance, Moody's said.

The bank's baseline credit assessment of Baa2 reflects its conservative underwriting standards and loss absorbing buffers, steady profitability supported by diversified income streams as a result of its ability to leverage its corporate relationships and its large and stable deposit franchise, which supports the bank's funding, the agency said.

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