Fitch: Siam Commercial Bank program F1+(tha)

Fitch Ratings (Thailand) said it assigned a national short-term rating of F1+(tha) to Siam Commercial Bank PCL’s (BBB+/stable/AA+(tha)) unsubordinated unsecured short-term debenture program of up to 50 billion Thai baht.

The program will replace the existing 50 billion Thai baht short-term debenture program, which expires on July 19, 2017. Debentures issued under the program will have a maturity of no more than 270 days and can be issued in separate tranches.

Proceeds will be used for general corporate purposes.

Fitch said the program is rated at the same level as the bank’s national short-term rating of F1+(tha), as the issuance under the program will constitute the bank's direct unsubordinated and unsecured obligations.

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