S&P rates SCB notes at "BBB+"
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Siam Commercial Bank's revised global medium-term notes programme worth US$2.5 billion won "BBB+" rating from Standard & Poor's Ratings Services.
The rating contains the stable outlook.
In a statement released on Thursday, S&P also said that it affirmed the 'BBB+/A-2' ratings on the senior unsecured notes under the programme.
The senior unsecured notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of SCB. They will rank on par with the bank's unsecured and unsubordinated debt. The subordinated notes will constitute unsecured and subordinated obligations of the bank.
The rating on the program's senior unsecured debt is the same as the long-term counterparty credit rating on SCB. The rating differential between the senior unsecured notes and the subordinated notes reflects the subordinated nature of the latter, S&P said.
