Moody's ups Bank of Ayudhya to Baa1

Moody's Investors Service said it upgraded the long-term foreign currency deposit rating of Bank of Ayudhya pcl to Baa1 from Baa2.

The outlook is stable.

In addition, Moody's has affirmed the bank's P-2 short-term deposit rating, and D+ bank financial strength rating, which maps to a ba1 baseline credit assessment. The outlook on the bank financial strength rating is stable.

Moody's said the action was prompted by Bank of Tokyo- Mitsubishi UFJ, Ltd.'s (Aa3 stable; C/a3 stable) Dec. 18 announcement of the completion of its acquisition of 72.01% ownership stake in the bank through the voluntary tender offer which commenced on Nov. 7, as part of its plan to acquire a majority stake in the bank.

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