Fitch rates Bangkok Mass Transit notes AA-(tha)

Fitch Ratings said it assigned a national long-term rating of AA-(tha) to Bangkok Mass Transit System PCL's four tranches of guaranteed debentures.

The tranches comprised of a Thai baht 2.1 billion debenture due August 2013, Thai baht 3.6 billion debenture due August 2014, Thai baht 1.5 billion debenture due August 2015 and Thai baht 1.3 billion debenture due August 2016 are guaranteed by Bank of Ayudhya PCL.

The outlook is stable.

The ratings are fully based on an unconditional and irrevocable guarantee of principal and interest of the debentures provided by Bank of Ayudhya. As a result, the debentures are rated at the same level as the guarantor, Fitch said.

Bangkok Mass Transit also receives revenue from advertising sales through its subsidiary, VGI Global Media PCL, and interest income from excess cash, the agency said.

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