Fitch Rates KASIKORNBANK's Long-Term Debentures 'AA+(tha)'
Fitch Ratings (Thailand) has assigned KASIKORNBANK Public Company Limited's (KBank, BBB/AA+(tha)/Stable/bbb) upcoming Japanese yen-denominated senior unsecured long-term debentures a National Long-Term Rating of 'AA+(tha)'. The debentures will be issued in line with Thailand's Digital Infrastructure Sandbox and offered to institutional investors via a private placement. The proceeds will be used for general corporate purposes.
KEY RATING DRIVERS
Fitch rates KBank's senior unsecured long-term debentures at the same level as the bank's National Long-Term Rating of 'AA+(tha)'. This is in line with Fitch's criteria since the senior notes constitute the bank's unsecured and unsubordinated obligations.
KBank's National Ratings are also based on comparisons with other entities rated on the Thai national rating scale. For more details on KBank's rating drivers and sensitivities, see the rating action commentary "Fitch Affirms KASIKORNBANK at 'BBB' and 'AA+(tha)'; Outlook Stable", published 27 July 2022.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Negative action on both KBank's Government Support Rating (GSR) and Viability Rating (VR) would lead to similar action on the bank's National Long-Term Rating and senior debt rating. KBank's National Long-Term Rating could also be downgraded if, in Fitch's opinion, its credit profile weakens relative to entities rated on the Thai national rating scale.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
There could be positive rating action on KBank's National Ratings and senior debt ratings following similar changes in either its GSR or VR. The National Ratings on KBank would also take into account the relative creditworthiness of peers rated on the national scale.
DATE OF RELEVANT COMMITTEE
26 July 2022
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
KBank's GSR is linked to the Thai sovereign Long-Term Foreign-Currency IDR.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Additional information is available on www.fitchratings.com
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