Fitch rates Bank of Ayudhya debt A+(tha)

Fitch Ratings said it assigned a national long-term rating of A+(tha) to the debentures of Bank of Ayudhya plc. Both tranches could each be worth up to 15 billion in Thai baht with the first tranche due in 2010 and the second tranche due in 2011.

The outlook is positive.

The bank's asset quality remains weak, but strong capital buffers, improved economic outlook and support of GE Capital International Holdings Corp. should help improve its performance over the next two years, Fitch said.

Downside risks, however, could arise from a further period of weak economic growth and political instability, the agency said.

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