Fitch: Siam Commercial Bank debt F1+(tha)

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

This program replaces the bank's existing 50 billion baht debenture program, which expires on July 15.

The debentures will have a maturity of no more than 270 days and will be issued in several tranches within a year. The proceeds will be used for the bank's general corporate purposes.

Fitch said Siam Commercial Bank's unsubordinated unsecured debenture program is rated at the same level as the bank's national short-term rating of F1+(tha) as the notes under the program will constitute direct unsecured and unconditional obligations of the bank. The short-term rating is consistent with Siam Commercial Bank's national long-term rating of AA(tha).

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