The rating outlook is stable.

The rating is subject to receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents Moody's reviewed.

RATINGS RATIONALE

KBank can issue senior and subordinated notes of any maturity under the Multi-Currency EMTN Programme. Ratings on such notes are subject to our review of the terms and conditions set forth in the final prospectuses, supplements, or offering memoranda of the notes to be issued.

Furthermore, Moody's does not intend to assign a programme rating to:

(1) individual notes that are linked to the performance of another obligor (credit-linked notes)

(2) notes in which payment of the principal or interest is variable and contractually dependent on the occurrence of a non-credit-linked event or the performance of an index (non-credit-linked notes), except for notes whose principal and coupon payments are affected by standard sources of variation (See Moody's Special Comment, "Moody's Update on Rating Debt Obligations with Variable Promises," June 2009).

The senior notes will represent unsecured and unsubordinated obligations of KBank. The programme's terms and conditions contain a negative pledge.

KBank's A3 foreign currency senior unsecured rating reflects its D+ standalone bank financial strength rating (BFSR), which maps to a long-term rating of baa3, and its systemic importance to the Thai banking sector.

As Thailand's fourth-largest bank by assets, Moody's believes that KBank's senior debt and deposit holders will benefit from the very high level of systemic support, leading to a three-notch uplift in its A3 long-term global local currency (GLC) deposit rating from its baa3 stand-alone credit profile.

The A3 rating -- which is set at the same level as its long-term GLC deposit rating (and one notch below Thailand's A2 foreign currency bond ceiling) -- assigned to these senior notes incorporates Moody's expectation of that support.

Concerns over a supported bank's ability to source foreign currency often deters Moody's from rating foreign currency debt above the sovereign's foreign currency debt (Baa1 for Thailand).

However, the structure of KBank's foreign currency balance sheet is evidence that the bank has a low reliance on external funding (assets exceeding obligations).

In addition to KBank's own foreign currency deposits, the Thai government's strong and improving position on external payments has mitigated our concerns, allowing this rating to be set one notch above the Baa1 government debt rating for Thailand. This approach is in line with the guidelines discussed in Moody's February 2009 Special Comment titled, "Banks Dependent on Government Foreign Currency Resources for Support."

KBank's ratings reflect (i) the bank's fourth-largest franchise in Thailand, with a 15% market share in terms of assets, 15% market share in terms of loans and 16% market share in terms of deposits; (ii) the bank's stable funding and liquidity; and (iii) its steady overall fundamentals, which remain established within the "D+" regional peer group.

On the other hand, the rating also takes into consideration (i) the risks pertaining to the country's volatile political environment; (ii) the bank's weaker Tier 1 capital ratios as compared to global and local peers; and (iii) relatively high - but decreasing -- efficiency ratios as compared to its peers.

KBank reported net income of THB18.4 billion for the six months to 30 June 2012, compared with the THB13.4 billion in the same period last year. The increase was mainly due to a combination of (i) higher net interest income; and (ii) higher non-interest income. The bank reported 3.7% loan growth and 6.7% deposit growth for the six months to end-June 2012, from end-2011. In addition, KBank also reported NPL ratios decreased to 2.2% at the end of June 2012 from 2.5% at end-2011, while loan loss reserves to NPLs were 145% from 127% at end-2011, at a comfortable level. Reported Tier 1 capital ratio was 9.8% at end-June 2012 (9.6% at end-2011).

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

KBank, headquartered in Bangkok, had assets of THB1,887 billion as of end-June 2012.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

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Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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Karolyn SeetAsst Vice President - Analyst Financial Institutions Group Moody'sInvestors Service Singapore Pte. Ltd.50 Raffles Place #23-06 Singapore Land TowerSingapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 Stephen Long MD - Financial Institutions Financial Institutions Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Investors Service Singapore Pte. Ltd.50 Raffles Place #23-06 Singapore Land TowerSingapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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