Fitch rates Siam Commercial notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to Siam Commercial Bank PCL's proposed dollar-denominated senior unsecured notes issued under its $3.5 billion medium-term note program.

The bank has a long-term issuer default rating of BBB+, short-term issuer default rating of F2, viability rating of BBB+, national long-term rating of AA(tha), national short-term rating of F1+(tha), along with a BBB+ rating on its global medium-term note program, BBB+ rating on its long-term foreign-currency senior unsecured debt, F1+(tha) rating on its national short-term senior unsecured debt program and AA-(tha) rating on its national long-term subordinated debt.

The bank plans to use the proceeds for general corporate purposes and to meet the funding requirements of the bank, Fitch said.

The notes represent unsecured and unsubordinated obligations of the bank, the agency said.

The ratings also reflect its stand-alone credit strength as the second-largest commercial bank by assets as of December 2013, along with its sound profitability and capitalization, Fitch said.

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