At the same time, TRIS Rating has assigned a rating of A- to KK’s proposed issue of up to Bt4,500 million in senior unsecured debentures.

The agency said the ratings reflected KK’s strengthened business position following its successful integration of capital market and commercial banking operations.

“This integrated operating platform will significantly enhance its niche position in the Thai banking industry with unique strengths in fee-based business,” it said.

“The ratings take into account KK’s diverse sources of revenue, particularly those from non-credit businesses, and its strong capital position. The ratings are, however, constrained by KK’s small market share in loans and deposits and relatively weak funding capability.”