Fitch Revises Outlook on Bank of Ayudhya To Positive
Fitch Ratings has today revised the Outlook on the International and National Long-term ratings of the Bank of Ayudhya Public Company Limited (BAY) to Positive from Stable. This follows the increasing commitment of GE Capital International Holdings Corporation (GECIH) to the bank, as evidenced by BAY’s planned purchase of GECIH’s auto loan business in Thailand, as well as additional capital increases in July and last week resulting in GECIH increasing its stake in BAY to 35% from 29%.
BAY’s ratings are now as follows: Long-term foreign currency Issuer Default Rating (IDR) ‘BBB-’ (BBB minus) with Positive Outlook, Short-term foreign currency IDR ‘F3’, National Long-term Rating ‘A+(tha)’ with Positive Outlook, National Short-term Rating ‘F1(tha)’, Individual rating ‘C/D’, Support rating ‘3’, Support Rating Floor at ‘BB’, subordinated debt rating at ‘BB+’ and National subordinated debt rating at ‘A(tha)’.
Earlier in January 2007, Fitch Ratings upgraded BAY’s ratings after GECIH completed the acquisition of a 29% stake in the bank.