Fitch: Bangkok Mass Transit view to negative

Fitch Ratings said it revised the outlook on Bangkok Mass Transit System PCL's guaranteed debentures due in August 2016 to negative from stable.

Fitch also said it affirmed the national long-term rating on the guaranteed debentures at AAA(tha).

The outlook revision follows a recent similar outlook revision on the debentures' guarantor, Bank of Ayudhya PCL, which followed the outlook revision of its Japanese parent, Bank of Tokyo-Mitsubishi UFJ Ltd., Fitch explained.

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

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