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Moody's ups Bank of Ayudhya
Moody's Investors Service said it has upgraded the Bank of Ayudhya Public Co Ltd.'s bank financial strength rating to D- from E+.
The upgrade concludes Moody's review of Bank of Ayudhya's ratings for possible upgrade as announced on May 31, 2006.
No debt or deposit ratings have been affected, the agency said.
The outlook is stable.
"The upgrade of Bank of Ayudhya's rating reflects the benefits accrued from the acquisition of a strategic stake in Bank of Ayudhya by GE Group-owned GE Capital International Holdings Corp., as well as the continued improvement in the bank's creditworthiness," said Leo Wah, a Moody's assistant vice president/analyst.
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