Bangkok--29 Jan--Fitch Ratings
Fitch Ratings (Thailand) Limited has upgraded the National Long-Term Ratings of Bangkok Mass Transit System Public Company Limited’s (BTSC) three tranches of debentures that are unconditionally and irrevocably guaranteed by Bank of Ayudhya Public Company Limited (BAY) to ‘AAA(tha)’ from ‘AA-(tha)’. The Outlook is Stable. The rated debentures are: the THB3.6bn debenture due August 2014, THB1.5bn debenture due August 2015 and THB1.3bn debenture due August 2016.
The rating action follows the upgrading of BAY’s National Long-Term Rating to ‘AAA(tha)’ from ‘AA-(tha)’ after Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, A/Stable) recently acquired 72.01% of BAY. For more information see “Fitch Upgrades Bank of Ayudhya to ‘A-’/ ‘AAA(tha)’; Outlook Stable”, dated 28 January 2014 on www.fitchratings.com.
KEY RATING DRIVERS
Guarantee from BAY: The ratings of the debentures are entirely based on the unconditional and irrevocable guarantee of principal and interest of the debentures provided by BAY. As a result, the debentures are rated at the same level as the guarantor, BAY.
RATING SENSITIVITIES
Negative: Future developments that may, individually or collectively, lead to negative rating action include:
- negative rating action on BAY
The debentures are rated at the highest level on Fitch’s national rating scale established for Thailand, leaving no further room for positive rating action.