Moody’s downgrades BCAs of Kasikornbank and Siam Commercial Bank

Moody’s affirms deposit ratings of Bangkok Bank, Kasikornbank and Siam Commercial Bank, issuer ratings of SCB X; downgrades BCAs of Kasikornbank and Siam Commercial Bank

Moody’s Investors Service has affirmed the Baa1 long-term deposit and (P)Baa1 long-term senior unsecured medium-term note (MTN) program ratings of Bangkok Bank Public Company Limited (BBL), KASIKORNBANK Public Company Limited (KBank) and Siam Commercial Bank Public Company Limited (SCB), as well as the Baa2 long-term issuer ratings of SCB X Public Company Limited (SCB X), the holding company of SCB.

The rating affirmations reflect the banks’ strong capitalization and liquidity, good profitability, as well as Moody’s expectation of support from the Government of Thailand (Baa1 stable) for the banks in times of need.

Moody’s has also downgraded the Baseline Credit Assessments (BCAs) of KBank and SCB to baa2 from baa1, reflecting the structural challenges to their asset quality and profitability that are exacerbated by the slow economic recovery in Thailand. Moody’s has also downgraded KBank’s foreign-currency subordinate MTN program rating to (P)Ba1 from (P)Baa3 and its foreign-currency preferred stock non-cumulative MTN program rating to (P)Ba2 from (P)Ba1.

The rating outlooks for BBL, KBank, SCB and SCB X, where applicable, are stable.

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