BBL bonds rated
RATINGS: Fitch Ratings has assigned Bangkok Bank Plc’s US$3-billion global medium-term note programme a senior unsecure rating of BBB+.
Fitch has also assigned an expected BBB+(EXP) rating to BBL’s proposed unsecured senior notes to be issued under the programme. The notes will be issued through BBL’s Hong Kong branch. The proceeds will be used for the bank’s general corporate purposes.
The final rating on the notes depends on final documents.
‘‘The senior unsecured notes are rated at the same level as BBL’s longterm foreign-currency issuer default rating as they represent unsecured and unsubordinated obligations of the bank,’’ said Fitch.
BBL’s rating reflects its steady asset quality, earnings and funding and its solid domestic franchise. The bank has maintained high capital and reserve coverage, which help to counterbalance the risks of its high corporate loan concentration, it said.
Fitch noted that any change to BBL’s long-term foreign-currency issuer default rating would have a similar effect on the programme’s and the notes’ ratings.