(The following was released by the rating agency)
SINGAPORE (Standard & Poor's) Sept. 13, 2012--Standard & Poor's Ratings Services today assigned the following ratings to notes under the US$2.5 billion euro medium-term notes program of KASIKORNBANK PCL (KBank; BBB+/Stable/A-2; axA+/axA-1):
-- 'BBB+' rating to senior unsecured notes; and
-- 'BBB' rating to lower Tier 2 subordinated notes.
At the same time, Standard & Poor's assigned its 'BBB+' rating to the benchmark senior unsecured notes to be drawn down from the program.
The rating differential between the senior unsecured notes and the lower Tier 2 subordinated notes reflects the latter's subordinated nature. The senior notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They shall at all times rank pari passu with all other unsecured obligations. The unsecured subordinated notes will be subordinate to the claims of the senior debt holders.
Our rating on any given issue depends on the issue's specific terms and conditions. One exception is indexed-linked notes, for which we would not assign any issue rating, as per our criteria.
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
-- Criteria Update: Commodity- And Equity-Linked Notes, Dec. 10, 2009