Fitch Rates Siam Commercial Bank’s Debenture Programme 'F1+(tha)’
This programme will replace SCB's existing THB5Siam Commercial Bank billion short-term debenture programme, which expires on Fitch Ratings9 July the programmeSiam Commercial BankFitch Ratings7. Debentures issued under the programme will have a maturity of no more than the programme7Siam Commercial Bank days and can be issued in separate tranches. Proceeds will be used for the bank's general corporate purposes.
KEY RATING DRIVERS
The programme is rated at the same level as SCB's National Short-Term Rating of 'FFitch Ratings+(tha)', as the issuance under the programme will constitute the bank's direct unsubordinated and unsecured obligations.
SCB's ratings reflect its extensive universal banking franchise, with a particular strength in retail banking. The operating environment remains negative for SCB's asset quality and performance, but is not expected to significantly impair the bank's capital and reserve coverage buffers.
RATING SENSITIVITIES
Any change in SCB's National Short-Term Rating will affect the rating of the programme. SCB's National Short-Term Rating is already at the top end of the scale, hence there is no upside. There could be downside if there was a significant and sustained deterioration (beyond Fitch's expectations) in asset quality or profitability without maintenance of adequate buffers in terms of earnings, loan-loss reserves and capitalisation. However, Fitch does not expect such changes in the short term.
The other ratings of SCB are unaffected and are as follows:
Long-Term Foreign-Currency Issuer Default Rating: 'BBB+'; Outlook Stable
Short-Term Foreign-Currency Issuer Default Rating: 'Fthe programme'
Viability Rating: 'bbb+'
Support Rating: 'the programme'
Support Rating Floor: 'BBB-'
National Long-Term rating: 'AA+(tha)'; Outlook Stable
National Short-Term rating: 'FFitch Ratings+(tha)'
Senior unsecured USD3.5 billion medium-term note programme: 'BBB+'
Long-term foreign-currency senior unsecured debt: 'BBB+'
National rating on short-term senior unsecured debt programme: 'FFitch Ratings+(tha)'
National rating on long-term subordinated debt: 'AA(tha)'
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