Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank. Notes issued under the programme may be in any currency aside from Thai baht.
KEY RATING DRIVERS
The programme is rated at the same level as SCB's Long-Term Issuer Default Rating (IDR) of 'BBB+'. The bank's IDR is in turn based on its Viability Rating, which reflects the standalone strength of the entity.
RATING SENSITIVITIES
Any change to SCB's Long-Term IDR would have a similar effect on the MTN programme's rating.
For further details on SCB's key rating drivers and rating sensitivities, refer to the rating action commentary, Fitch Affirms Thailand's Four Largest Commercial Banks (https://www.fitchratings.com/site/pr/1004588) , dated 17 May 2016.
The other ratings of SCB are unaffected by this action, and are as follows:
Long-Term Foreign-Currency IDR: 'BBB+'; Outlook Stable
Short-Term Foreign-Currency IDR: 'F2'
Viability Rating: 'bbb+'
Support Rating: '2'
Support Rating Floor: 'BBB-'
National Long-Term Rating: 'AA+(tha)'; Outlook Stable
National Short-Term Rating: 'F1+(tha)'
Long-term foreign currency senior unsecured debt: 'BBB+'
National short-term senior unsecured debt programme: 'F1+(tha)'
National long-term subordinated debt: 'AA(tha)'