The ratings of the programme apply only to senior unsecured issues under the programme. There is no assurance that notes issued in the future under the programme will be assigned a rating.
KEY RATING DRIVERS
KBank's senior unsecured debt is rated at the same level as its National Long- and Short-Term Ratings as the notes are direct, unsecured and senior obligations of the issuer. KBank's National Ratings are underpinned by both the bank's standalone credit profile, indicated by its 'bbb' Viability Rating, as well as Fitch's expectation of support from the Thai government, denoted by the 'bbb' Government Support Rating.
KBANK's National Ratings are also based on comparisons with other entities rated on the Thai national rating scale. For more details on KBANK's rating drivers and sensitivities, see the rating action commentary "Fitch Affirms KASIKORNBANK at 'BBB' and 'AA+(tha)'; Outlook Stable", published 27 July 2022.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
A downgrade in KBank's National Ratings would lead to similar action on the rating of the senior debt.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
An upgrade of the National Ratings would lead to similar rating action on the bank's senior debt.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
KBank's Government Support Rating is linked to the Thai sovereign's Issuer Default Rating (BBB+/Stable).
Additional information is available on www.fitchratings.com
Source: Fitch Ratings