Fitch lifts Bank of Ayudhya, Easy Buy to stable

Fitch Ratings said it revised the outlooks on Bank of Ayudhya PCL and Easy Buy PCL to stable from negative.

The agency also said it affirmed the long-term issuer default rating of Bank of Ayudhya at A- and the national long-term rating of Easy Buy at AA+(tha).

All other ratings of the issuers are not immediately affected by the outlook revision.

The outlook revisions follow a similar revision in the outlooks in Bank of Ayudhya's parent, Bank of Tokyo-Mitsubishi UFJ Ltd. and Easy Buy's parent, ACOM Co., Ltd., Fitch explained.

The outlook revisions came after the affirmation of Japan's sovereign rating at A and revision of the outlook to stable from negative, the agency added.

Bank of Ayudhya's long-term issuer default rating and Easy Buy's national long-term rating are driven by a view that these entities are strategically important subsidiaries of their respective parents, Fitch said.

This is due to high levels of parent shareholding and control, management integration and histories of support, the agency said.

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