Fitch affirms Bank of Ayudhya

Fitch Ratings said it affirmed the Bank of Ayudhya PCL's long-term foreign-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F3, viability rating at BBB, national long-term rating at AA-(tha), national short-term rating at F1+(tha), national long-term unsubordinated unsecured debt at AA-(tha) and national long-term subordinated debt at A+(tha).

The agency also assigned a national short-term rating of F1+(tha) to the bank's unsubordinated unsecured debenture program of up to 20 billion in Thai baht with a maturity not exceeding 270 days.

The ratings are based on the bank's robust performance, strong capital position and continued improvement of asset quality, Fitch said.

The ratings also consider its greater use of wholesale funding, relative to similarly rated peers, to better match its asset profile, the agency said.

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