Fitch Rates Bank of Ayudhya’s THB 20bn debenture program
Fitch Ratings (Thailand) Limited has today assigned National Long-term ratings of ‘A+(tha)’ to two tranches of Bank of Ayudhya Public Company Limited’s (BAY) unsecured and unsubordinated debentures of up to THB20 billion, due 2010 and 2011. The Outlook on the bank is Positive.
The rating reflects the bank’s strong capital position and franchise, together with the operational and financial support of GE Capital International Holdings Corporation (GECIH) which now holds 35% of total shares in the bank.
The increasing commitment from GECIH should also bolster the bank’s retail banking franchise and help improve the bank’s profitability over the medium term. Moreover, BAY benefits from GECIH’s expertise in global transaction services, technology and operations.