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Rating Action:

Moody's takes rating actions on 11 Thai banks

30 Jul 2019

Singapore, July 30, 2019 -- Moody's Investors Service has taken rating actions on 11 Thai banks: (1) Bangkok Bank Public Company Limited (BBL), (2) Bank of Ayudhya (BAY), (3) CIMB Thai Bank Public Company Limited (CIMBT), (4) Export-Import Bank of Thailand (EXIMT), (5) Government Housing Bank of Thailand (GHB), (6) KASIKORNBANK Public Company Limited (KBank), (7) Krung Thai Bank Public Company Limited (KTB), (8) Siam Commercial Bank Public Company Limited (SCB), (9) Standard Chartered Bank (Thai) Public Co Ltd (SCBT), (10) TMB Bank Public Company Limited (TMB), and (11) United Overseas Bank (Thai) Public Co Ltd (UOBT).

Moody's has affirmed the long-term local and foreign currency deposit ratings of KBank, KTB and SCB at Baa1, and those of CIMBT and SCBT at Baa2. Moody's has also affirmed the long-term foreign currency deposit ratings of BBL, BAY, GHB, and UOBT at Baa1. At the same time, Moody's has upgraded TMB's long-term foreign currency deposit rating to Baa1 from Baa2.

Further, Moody's affirmed the long-term foreign currency senior unsecured program rating of BBL, EXIMT, KBank, KTB and SCB at (P)Baa1, and the long-term foreign currency senior unsecured rating of EXIMT at Baa1. The long-term foreign currency senior unsecured program rating of TMB was upgraded to (P)Baa1 from (P)Baa2.

Moody's has also upgraded the Baseline Credit Assessments (BCA) and adjusted BCAs of BBL, KBank and SCB to baa1 from baa2, and those of KTB and TMB to baa3 from ba1. The BCA and adjusted BCA of UOBT were upgraded to baa3 and a3 from ba1 and baa1 respectively. The BCAs and adjusted BCAs of these six banks were upgraded because these banks maintained good financial fundamentals despite the still challenging credit cycle in Thailand. For SCBT, Moody's affirmed the adjusted BCA at baa2. The BCAs and adjusted BCAs of BAY, CIMBT, EXIMT, and GHB were unaffected by today's rating actions.

The long-term counterparty risk ratings (CRR) and counterparty risk assessment (CRA) of BBL, KBank and SCB were upgraded to A3 and A3(cr) from Baa1 and Baa1(cr) respectively. Moody's affirmed the long-term CRR and CRA of KTB, SCBT and TMB at Baa1 and Baa1(cr) respectively. Moody's also upgraded the long-term CRR and CRA of UOBT to A2 and A2(cr) from A3 and A3(cr) respectively. The CRRs and CRAs of BAY, CIMBT, EXIMT, and GHB were unaffected by today's rating actions.

Moody's changed the outlook on the long-term ratings of nine of the 11 Thai banks — with the exception of SCBT and TMB — to positive from stable. The outlook on the long-term ratings of SCBT is maintained at stable, while that of TMB is maintained at positive.

The changes in outlooks on the nine Thai banks follow Moody's affirmation of Thailand's Baa1 sovereign rating, and change in the outlook for the sovereign's rating to positive from stable on 25 July 2019. For more information on the sovereign credit rating action, please refer to the Government of Thailand issuer page on www.moodys.com.

The Macro Profile for Thailand remains at Moderate+ and unaffected by the sovereign rating action.

The full list of institutions and their related entities that are affected by today's rating actions is presented at the end of this press release.

RATINGS RATIONALE

OUTLOOK CHANGED TO POSITIVE FROM STABLE FOR NINE THAI BANKS; OUTLOOK MAINTAINED AT POSITIVE FOR TMB AND STABLE FOR SCBT

Thailand's sovereign credit strength is a key input in Moody's deposit and senior unsecured ratings for Thai banks, because the country's credit strength affects Moody's assessment of the government's capacity to provide support to the banks in times of stress.

Moody's revision of the outlook on Thailand's Baa1 sovereign rating to positive from stable increases the potential for a higher sovereign rating to raise the supported ratings for most Moody's-rated banks in Thailand. The long-term ratings of 9 of the banks -- BBL, BAY, CIMBT, EXIMT, GHB, KBank, KTB, SCB, and TMB -- incorporate Moody's assumptions of a Moderate to Government-backed probability of government support for these banks in times of need.

As such, these long-term ratings -- currently positioned at the same level as Thailand's sovereign rating for BBL, BAY, EXIMT, GHB, KBank, KTB, SCB, and TMB, and at Baa2 for CIMBT -- are likely to benefit from a widening of government support uplift of up to one notch when the sovereign rating is upgraded.

For UOBT, its long-term foreign currency deposit rating, which incorporates Moody's assumption of a Moderate probability of government support, is currently constrained by the sovereign rating. As such, the rating will be upgraded when the sovereign rating is upgraded.

The positive outlook on Thailand's sovereign rating reflects Moody's view that investment in physical and human capital, in the context of a lengthening track record of a predictable and stable macroeconomic environment, could, over time, boost Thailand's competitiveness. Such developments could partially offset the drag on the country's growth potential from gaps in human capital development and an aging population.

The outlook on the long-term ratings of SCBT was maintained at stable, because the bank's ratings are unaffected by any improvement in the sovereign rating, and do not benefit from uplift due to government support.

UPGRADE OF BBL, KBANK, KTB, SCB, TMB and UOBT'S BCAs

The one-notch upgrades of the BCAs for BBL, KBank, KTB, SCB, TMB and UOBT reflect Moody's view that despite the still challenging credit cycle, and in particular, the elevated credit risk in loans provided to small and mid-size enterprises (SME) and housing mortgages, these six banks have demonstrated a sustained ability to maintain strong credit portfolios.

The strong capital and provisions of BBL, KBank, KTB, SCB, TMB and UOBT will provide good buffers against credit risks. Funding and liquidity for these banks remain stable, because of their low reliance on market funds and stable liquidity.

UPGRADE OF TMB's AND UOBT's RATINGS

Moody's has upgraded TMB's deposit and senior unsecured program ratings to Baa1 from Baa2 and (P)Baa1 from (P)Baa2 respectively because the bank's BCA was upgraded to baa3. Moody's then applies a Very High probability of government support for TMB, to arrive at the Baa1 ratings for the bank. TMB's systemic importance will increase once it completes its planned merger with Thanachart Bank.

UOBT's CRR and CRA were upgraded to A2 and A2(cr) from A3 and A3(cr) respectively, because the bank's BCA was upgraded to baa3, and its adjusted BCA was upgraded to a3. The latter benefits from affiliate support from United Overseas Bank Limited (Aa1 stable, a1), UOBT's parent bank.

AFFIRMATION OF RATINGS AND ASSESSMENTS FOR SCBT

The adjusted BCA of SCBT was affirmed at baa2, which takes into account the bank's standalone credit strength and Moody's assumption of a Very High probability of affiliate support from Standard Chartered PLC (A2 stable, baa1) in times of need. Moody's then applies a Moderate probability of government support for SCBT, to arrive at the Baa2 ratings for the bank.

WHAT COULD CHANGE THE RATING UP

BBL, KBank, KTB and SCB

Given the positive outlook, Moody's could upgrade the debt and deposit ratings of these banks if the sovereign rating is upgraded.

Moody's could upgrade the banks' BCAs if the asset quality of these banks improve, supported by the continued strengthening of their loss-absorbing buffers — including loan-loss reserves and capital — as well as funding and liquidity.

BAY, CIMBT and UOBT

Given the positive outlook, Moody's could upgrade the debt and deposit ratings of these banks if the sovereign rating is upgraded.

BAY's BCA could be upgraded, if the bank maintains its stable asset quality and improves its funding and liquidity. An upgrade of the standalone credit profile of its majority shareholder, MUFG Bank, could also lead to an upgrade of the bank's ratings.

Moody's could upgrade CIMB Thai's ratings if the bank's BCA is upgraded. The bank's BCA could be upgraded if its asset quality improves, supported by the maintenance of sufficient loss-absorbing buffers, and an improvement in its profitability.

UOBT's BCA and adjusted BCA could be upgraded if (1) the bank's credit profile improves, with a stabilization in its asset-quality; and (2) the bank further improves its capitalization and loan-loss reserves, supported by its stable funding and liquidity.

EXIMT and GHB

The ratings of EXIMT and GHB are closely aligned with that of the Thai government because of the banks' policy roles. The banks' ratings will therefore likely move in line with Thailand's sovereign rating.

The banks' BCAs could be upgraded if their standalone creditworthiness improve, as demonstrated by (1) consistent improvements in their asset quality, (2) improvements in the banks' core profitability, and (3) improvements in capitalization.

SCBT

Moody's could upgrade SCBT's deposit and issuer ratings if the bank's BCA or adjusted BCA are upgraded. Moody's could upgrade SCBT's BCA if the bank improves its asset quality and recurrent profitability, while maintaining a strong capital buffer.

TMB

Moody's could upgrade TMB's ratings if (1) the sovereign rating is upgraded, and (2) TMB successfully merges with Thanachart Bank, without any materially negative effect on TMB's financial fundamentals.

WHAT COULD CHANGE THE RATING DOWN

BBL, KBank, KTB, and SCB

The debt and deposit ratings of these banks could be downgraded if the sovereign rating is downgraded.

Moody's could downgrade the BCAs if the banks' financial fundamentals deteriorate significantly. If all other rating factors are constant, their BCAs would come under adverse pressure, if the banks report significantly increased problem loan ratios or significantly reduced profitability. A decline in the banks' Tier 1 capital ratios below double-digit levels in percentage terms would also be negative for their BCAs.

BAY, CIMBT and UOBT

Moody's could downgrade the long-term ratings of these banks if the sovereign rating is downgraded. In addition, a downgrade of the banks' parents' BCAs could also lead to a downgrade of their adjusted BCAs and ratings.

The BCAs of these banks could be downgraded, if the banks' financial fundamentals deteriorate significantly. If all other rating factors are constant, the banks' BCAs could come under downward pressure, if they report significantly increased problem loan ratios or significantly reduced profitability.

SCBT

Moody's could downgrade the ratings of SCBT if the bank's BCA or sovereign rating is downgraded. A downgrade of the parent's BCA could also lead to a downgrade of SCBT's adjusted BCA and rating.

Moody's could downgrade SCBT's BCA if the bank's financial fundamentals deteriorate significantly. If all other rating factors are constant, the bank's BCA could come under downward pressure, if it reports a significantly increased problem loan ratio or significantly reduced profitability.

TMB

TMB's outlook could change to negative or Moody's could downgrade the bank's ratings if (1) the standalone credit profile of TMB deteriorates, such that there is a material weakening in the bank's asset quality, profitability and/or loss-absorbing buffers; or (2) the merger results in a material negative impact on its capital position or other financial fundamentals.

EXIMT and GHB

Moody's could downgrade the ratings of EXIMT and GHB if the sovereign's creditworthiness deteriorates or if the operating environment deteriorates materially, resulting in a worsening of the banks' standalone creditworthiness.

For EXIMT, specific downgrade triggers are (1) the bank's diminishing strategic importance because of changes in the bank's policy role or a weakening in the bank's relationship with the government, such that strong government support is no longer assured; (2) a material deterioration in the credit quality of export-oriented borrowers or other categories of borrowers in which the bank has concentrated exposures; and (3) a material rise in the bank's nonperforming assets, without a commensurate increase in loan-loss reserves or capital, such that the level of its nonperforming assets — as a percentage of shareholders' equity and loan-loss reserves — rises significantly.

Quantitatively, the downgrade triggers for GHB are: (1) developments in the residential property sector that could exert undue stress on GHB's asset quality, earnings and capital; (2) an increase in the bank's NPLs without a corresponding increase in loan-loss provisions; and (3) any signs of a shift from its policy mandate, which could reduce the probability of support from the Thai government.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Bangkok Bank Public Company Limited (BBL), headquartered in Bangkok, reported total assets of THB3,146 billion ($102 billion) as of 30 June 2019.

Bank of Ayudhya (BAY), headquartered in Bangkok, reported total assets of THB2,277 billion ($74 billion) as of 30 June 2019.

CIMB Thai Bank Public Company Limited (CIMBT), headquartered in Bangkok, reported total assets of THB381 billion ($12 billion) as of 30 June 2019.

Export-Import Bank of Thailand (EXIMT), headquartered in Bangkok, reported total assets of THB107 billion ($3 billion) as of 31 December 2018.

Government Housing Bank of Thailand (GHB), headquartered in Bangkok, reported total assets of THB1,164 billion ($36 billion) as of 31 December 2018.

KASIKORNBANK Public Company Limited (KBank), headquartered in Bangkok, reported total assets of THB3,256 billion ($106 billion) as of 30 June 2019.

Krung Thai Bank Public Company Limited (KTB), headquartered in Bangkok, reported total assets of THB2,727 billion ($89 billion) as of 30 June 2019.

Siam Commercial Bank Public Company Limited (SCB), headquartered in Bangkok, reported total assets of THB3,265 billion ($106 billion) as of 30 June 2019.

Standard Chartered Bank (Thai) Public Co Ltd (SCBT), headquartered in Bangkok, reported total assets of THB152 billion ($5 billion) as of 31 December 2018.

TMB Bank Public Company Limited (TMB), headquartered in Bangkok, reported total assets of THB900 billion ($29 billion) as of 30 June 2019.

United Overseas Bank (Thai) Public Co Ltd (UOBT), headquartered in Bangkok, reported total assets of THB557 billion ($18 billion) as of 30 June 2019.

LIST OF AFFECTED RATINGS

Issuer: Siam Commercial Bank Public Company Limited

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

....Baseline Credit Assessment, upgraded to baa1 from baa2

....Adjusted Baseline Credit Assessment, upgraded to baa1 from baa2

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Siam Commercial Bank Public Co. (Cayman)

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Siam Commercial Bank Public Co. (Hong Kong)

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Krung Thai Bank Public Company Limited

..Upgrades:

....Adjusted Baseline Credit Assessment, upgraded to baa3 from ba1

....Baseline Credit Assessment, upgraded to baa3 from ba1

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Krung Thai Bank Public Co Ltd, Cayman Branch

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Krung Thai Bank Public Co. Ltd.,Singapore Br.

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: TMB Bank Public Company Limited

..Upgrades:

....Long-term Bank Deposits, upgraded to Baa1 from Baa2, outlook maintained at Positive

....Baseline Credit Assessment, upgraded to baa3 from ba1

....Adjusted Baseline Credit Assessment, upgraded to baa3 from ba1

....Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa1 from (P)Baa2

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Bank Deposits, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..Outlook Actions:

....Outlook maintained at Positive

Issuer: TMB Bank Public Co. Ltd (Cayman Islands)

..Upgrades:

....Senior Unsecured Regular Bond/Debenture, upgraded to Baa1 from Baa2, outlook maintained at Positive

....Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa1 from (P)Baa2

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..Outlook Actions:

....Outlook maintained at Positive

Issuer: Export-Import Bank of Thailand

..Affirmations:

....Long-term Issuer Rating, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Government Housing Bank of Thailand

..Affirmation:

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: United Overseas Bank (Thai) Public Co Ltd

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A2 from A3

....Short-term Counterparty Risk Rating, upgraded to P-1 from P-2

....Long-term Counterparty Risk Assessment, upgraded to A2(cr) from A3(cr)

....Short-term Counterparty Risk Assessment, upgraded to P-1(cr) from P-2(cr)

....Baseline Credit Assessment, upgraded to baa3 from ba1

....Adjusted Baseline Credit Assessment, upgraded to a3 from baa1

..Affirmations:

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Standard Chartered Bank (Thai) Public Co Ltd

..Affirmations:

....Long-term Counterparty Risk Rating, affirmed Baa1

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Bank Deposits, affirmed Baa2, outlook remains Stable

....Short-term Bank Deposits, affirmed P-2

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Issuer Ratings, affirmed Baa2, outlook remains Stable

....Short-term Issuer Ratings, affirmed P-2

....Adjusted Baseline Credit Assessment, affirmed baa2

..Outlook Action:

....Outlook maintained at Stable

Issuer: KASIKORNBANK Public Company Limited

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

....Baseline Credit Assessment, upgraded to baa1 from baa2

....Adjusted Baseline Credit Assessment, upgraded to baa1 from baa2

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: KASIKORNBANK Public Co. Ltd (Hong Kong)

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: KASIKORNBANK Public Co. Ltd. (CI)

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Bank of Ayudhya

..Affirmation:

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CIMB Thai Bank Public Company Limited

..Affirmations:

....Long-term Bank Deposits, affirmed Baa2, outlook changed to Positive from Stable

....Long-term Issuer Rating, affirmed Baa2, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Bangkok Bank Public Company Limited

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

....Baseline Credit Assessment, upgraded to baa1 from baa2

....Adjusted Baseline Credit Assessment, upgraded to baa1 from baa2

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Long-term Bank Deposits, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Bangkok Bank Public Company Ltd. (Hong Kong)

..Upgrades:

....Long-term Counterparty Risk Rating, upgraded to A3 from Baa1

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

....Subordinate Regular Bond/Debenture, upgraded to Baa2 from Baa3

..Affirmations:

....Short-term Counterparty Risk Rating, affirmed P-2

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

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.

Rebaca Tan
Asst Vice President - Analyst
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
Client Service: 852 3551 3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
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Moody's Investors Service Singapore Pte. Ltd.
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Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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