Fitch Rates United Overseas Bank (Thai)’s Basel III Tier 2 THB Notes at ‘AA(tha)’

Fitch Ratings (Thailand) has assigned United Overseas Bank (Thai)’s Public Company Limited’s (UOBT; AAA(tha)/Stable) upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures a rating of ‘AA(tha)’. KEY RATING DRIVERSThe subordinated notes are rated two notches below UOBT’s National Long-Term Rating to reflect their higher loss-severity risk relative to senior unsecured instruments…

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