Fitch affirms Siam Commercial

Fitch Ratings said it affirmed Siam Commercial Bank PCL's long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, long-term foreign-currency senior unsecured debt at BBB+, long-term foreign-currency subordinated debt at BBB, national long-term rating at AA(tha), national short-term rating at F1+(tha), senior unsecured issuance program at F1+(tha) and subordinated debt at AA-(tha).

The outlook is stable.

The ratings reflect the bank's solid performance and strong reserves and capitalization, which provide a buffer against severe credit stress, Fitch said.

The ratings also consider the bank's strong domestic deposit and loan franchises, the agency said.

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