Bangkok--28 Mar--Bank of Ayudhya
Fitch Ratings has assigned Bank of Ayudhya Public Company Limited?s (BAY; ?AA-(tha)?/Stable) unsubordinated unsecured short-term debenture programme of up to THB80bn, with a maturity not exceeding 270 days, a National Short-Term rating of ?F1+(tha)?. The proceeds raised from the programme will be used mainly for the bank?s general corporate purposes.
BAY?s unsubordinated unsecured debenture programme is rated at the same level as the bank?s National Short-Term rating of ?F1+(tha)?, which is consistent with its National Long-Term rating of ?AA-(tha)?. The bank?s ratings are based on the bank?s standalone financial position, robust performance, strong capital position and continued improvement of asset quality. The ratings also consider BAY?s greater use of wholesale funding, relative to similarly rated peers, to better match its asset profile.
BAY was established in 1945 and is Thailand?s fifth-largest commercial bank. It had a market share in loans and deposits of about 8% each as of end-2011. Its key subsidiaries are involved in auto finance, credit cards, consumer finance, securities and fund management. Given BAY?s share of deposits and loans, there is a moderate probability of government support, should this be needed.