Fitch Rates Bank of Ayudhya#s Senior Unsecured Bonds #AAA(tha)#

Stocks and Financial Services Press Releases Thursday October 5, 2017 15:49
Bangkok--5 Oct--Fitch Rates

Fitch Ratings-Bangkok-05 October 2017: Fitch Ratings (Thailand) has today assigned Bank of Ayudhya Public Company Limited's (BAY; AAA(tha)/Stable) upcoming issue of senior unsecured bonds a National Long-Term Rating of 'AAA(tha)'.

The bonds will have a tenor of up to three years and the total issue size will be up to THB10 billion. Proceeds of the issue will be used for refinancing and/or general corporate purposes.
The bonds are rated at the same level as BAY's National Long-Term Rating as they represent unsubordinated and unsecured obligations of the bank.

BAY's National Long-Term Rating is driven by Fitch's view that the bank is a strategically important subsidiary of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU; A/Stable). BTMU holds 76.9% of BAY and has management control. BAY is a key part of the parent's strategy for south-east Asia, with significant marketing and operational linkages.

The rating on the bonds is sensitive to any changes in BAY's National Long-Term Rating. The National Long-Term Rating of BAY is at the top end of the scale and no upside is possible.
A downgrade of the Long-Term Issuer Default Rating of BTMU could lead to negative rating action on BAY's National Long-Term Rating.

BAY's National Long-Term Rating could also be hurt if BTMU shows a reduced propensity to support its Thai subsidiary - which may, for example, be seen via a significantly reduced shareholding or weakening in operational integration. However, Fitch views this as unlikely in the medium term.

Latest Press Release

Photo Release: EXIM Thailand Organizes EXIM White Day 2019 Pledging to Fight Against Corruption

Mr. Adul Chotinisakorn (third right), Chairman of the Corporate Governance and Social Responsibility Committee of Export-Import Bank of Thailand (EXIM Thailand), jointly with members of the Board of Directors, Management and staff of EXIM Thailand,...

PEA and SCB join forces to unlock PEA Hero Platform with PEA Energy Intelligence to extend digital lending experience for PEA business network

In a bid to bring the digital ecosystem to the energy industry, the Provincial Electricity Authority (PEA) has collaborated with Siam Commercial Bank (SCB) to develop PEA Energy Intelligence, a fully integrated digital service to help manage business and...

Photo Release: KLeasing offers interest-free down payment of up to six months for applicants of K-Auto Finance (New Car) at the Bangkok International Motor Show 2019

Ms. Patcharee Uthairatanakit, KLeasing Deputy Managing Director, recently unveiled the latest campaign to welcome the Bangkok International Motor Show 2019. Under this promotion, applicants signing up for K-Auto Finance (New Car) with KLeasing at the...

SET begins annual social development awards with library development

The Stock Exchange of Thailand (SET) has carried on with its social development awards for 12 consecutive years to encourage organizations and individuals who dedicate their efforts to enhance the society in seven areas: music encouragement, sports...

Fitch Rates EASY BUY#s THB Senior Unsecured Bonds at #AA+(tha)#

Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'AA+(tha)' to EASY BUY Public Company Limited's (EB; AA+(tha)/Stable) upcoming issue of senior unsecured bonds. The bonds will have a tenor of up to three years, and proceeds from the...

Related Topics