Fitch rates Bank of Ayudhya

Fitch Ratings said it assigned AA-(tha) national long-term ratings to Bank of Ayudhya plc's unsecured and unsubordinated debentures of up to 20 billion in Thai baht with four years tenor.

The outlook is stable.

The rating reflects the bank's improved profitability and asset quality despite the challenging operating environment, Fitch said, and the bank's strong capital position, together with the operational and financial support of GE Capital International Holdings Corp.

The increasing commitment from GE Capital also should bolster the bank's retail banking franchise and help improve the bank's profitability over the medium term, the agency said.

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