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Fitch cuts Bank of Ayudhya
Fitch Ratings said it downgraded Bank of Ayudhya PCL’s long-term issuer default rating to BBB+ from A-, following similar rating action for its parent, MUFG Bank, Ltd. Fitch said the downgrade reflects the parent’s reduced ability to provide extraordinary support to the subsidiary.
Fitch affirmed the bank’s national long-term rating at AAA(tha). The rating on its locally issued senior debt instruments has also been affirmed at AAA(tha).
Fitch downgraded the Basel III tier 2-compliant Thai baht subordinated notes to AA(tha) from AA+(tha).
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