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Rating Action:

Moody's Affirms the A3 Ratings of Three Banks in Thailand; Downgrades their Short-Term Ratings to P-2 from P-1

31 Jan 2013

Singapore, January 31, 2013 -- Moody's Investors Service has today affirmed the deposit and issuer ratings of the three banks rated A3 in Thailand, while at the same time downgrading to P-2 from P-1 their short-term ratings. All of their other ratings have also been affirmed. The three banks are: Kasikornbank Public Company Limited (Kasikornbank); Siam Commercial Bank Public Company Limited (SCB); and Standard Chartered Bank (Thai) Public Co Ltd (SC Thai).

Today's affirmation of the deposit and issuer ratings reflects Moody's view that these banks continue to feature the credit characteristics of firms rated A3, whereas the downgrade of their short-term debt in turn reflects Moody's observations of the transition risks of short-term ratings that A3 banks represent over time.

RATINGS RATIONALE

Key determinant for assigning a short-term rating is an issuer's long-term risk of default.

Moody's believes that, other things being broadly equal, lower long-term ratings imply not only increased default risk for long-term obligations but also increased default risk for short-term obligations. This view is based on Moody's assessment of current credit conditions and experience of multi-notches rating transition across an array of issuers rated A3 or lower during the global financial crisis.

Issuers with long-term ratings between A3 and Baa2 almost always map to P-2 under Moody's standard mapping for long-term global ratings to short-term global ratings. Deviations from this standard are intended to be exceptional; for instance when the combination A3 / P-1 is meant to signal an unusually high expectation that the issuer's long-term rating will migrate upwards.

In the case of Kasikornbank, SCB and SC Thai, Moody's believes that conditions that would warrant any of these banks retaining a Prime-1 rating while its long-term rating remains at the A3 level are not present.

Taking into account today's announcement, the ratings of the affected banks are as follow:

Kasikornbank

Bank Financial Strength Rating (BFSR) of D+, which maps to baa3 on the long-term scale

Local currency deposits rated A3/P-2

Foreign currency deposits rated Baa1/P-2

Foreign currency senior unsecured debt rated A3

Foreign currency senior unsecured MTN rated (P)A3

Foreign currency other short term rated (P)P-2

Foreign currency subordinated debt rated Baa1

Siam Commercial Bank

BFSR of C-, which maps to baa2 on the long-term scale

Local currency deposits rated A3/P-2

Foreign currency deposits rated Baa1/P-2

Foreign currency other short term rated (P)P-2

Foreign currency subordinated MTN rated (P)Baa1

Foreign currency senior unsecured MTN rated (P)A3

Standard Chartered Bank (Thai)

BFSR of D+, which maps to baa3 on the long-term scale

Local currency deposits rated A3/P-2

Foreign currency deposits rated Baa1/P-2

Local currency issuer rated A3/P-2

Foreign currency issuer rated A3/P-2

The principal methodology used in these ratings was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for copies of these methodology documents.

Additionally, the guidance in the Rating Implementation Guidance document "Moody's Global Short-Term Ratings" published on 24 October 2012 informed these rating actions.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jean-Francois Tremblay
Associate Managing Director
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Moody's Affirms the A3 Ratings of Three Banks in Thailand; Downgrades their Short-Term Ratings to P-2 from P-1
No Related Data.
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