Moody's may up Bank of Ayudhya

Moody's Investors Service said it placed on review for possible upgrade the Bank of Ayudhya plc's Baa3 deposit and debt ratings and its D- bank financial strength rating.

The action was based on the bank's track record of improving economic solvency, increasing earnings diversification and strengthening risk management practices, Moody's said.

However, Moody's also said the bank faces challenges, including fierce competition in its retail business that could adversely affect its credit quality, especially as it has been aggressively expanding its loan book, the agency said.

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