MUMBAI (Thomson Financial) - Fitch Ratings said it has upgraded Bank of
Ayudhya Public Co. Ltd.'s long-term foreign currency issuer default rating (IDR)
to 'BBB' from 'BBB-', citing improving profitability and asset quality despite
the challenging operating environment, as well as the bank's strong capital
position.
Fitch also revised its outlook on the bank to stable from positive.
While results could weaken in the second half of 2008, Fitch said it expects
the bank to report an overall improvement in profitability and asset quality in
the next year.
Fitch upgraded the bank's foreign currency subordinated debt rating to
'BBB-' from 'BB+', individual rating to 'C' from 'C/D', national long-term
rating to 'AA-(tha)' from 'A+(tha)', national short-term rating to 'F1+(tha)'
from 'F1(tha)' and national subordinated debt rating to 'A+(tha)' from 'A(tha)'.
Fitch affirmed the bank's short-term foreign currency IDR at 'F3'.
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