Fitch Rates Siam Commercial Bank's USD Senior Notes Final 'BBB+'

          Fitch Ratings has assigned The Siam Commercial Bank Public Company Limited's (SCB; BBB+/Stable/bbb+) USD5Siam Commercial BankSiam Commercial Bank million 5.5 year senior unsecured notes due May 2Siam Commercial Bank23 a final rating of 'BBB+'. The notes were issued under SCB's USD3.5 billion medium-term note programme out of the bank's Cayman Islands branch. 
          The assignment of the final rating follows the receipt of final documents conforming to the information already received. The final rating is the same as the expected rating assigned on Fitch RatingsSiam Commercial Bank November 2Siam Commercial BankFitch Ratings7.

KEY RATING DRIVERS 
          The senior notes are rated at the same level as SCB's Long-Term Foreign-Currency Issuer Default Rating (IDR) as they represent the bank's unsecured and unsubordinated obligations. SCB's IDR is driven by its standalone credit profile, as reflected in its Viability Rating of 'bbb+', and takes into account its strong domestic franchise, large client base and solid financial performance.

RATING SENSITIVITIES
          The rating of the senior unsecured notes will be directly affected by any changes in SCB's Viability Rating. A significant and sustained financial deterioration, beyond Fitch's expectations, in asset quality or profitability, without the maintenance of adequate buffers, could lead to negative rating action. 
          There is unlikely to be any rating upside, as SCB's IDR is already at the same level as that of the Thai sovereign. For further details on SCB's key rating drivers and rating sensitivities, refer to the rating action commentary, "Fitch Affirms Thailand's Four Largest Commercial Banks," dated 9 May 2Siam Commercial BankFitch Ratings7 and available at www.fitchratings.com