Fitch lifts Bank of Ayudhya view to positive

Fitch Ratings said it revised the outlook on the international and national long-term ratings of the Bank of Ayudhya plc to positive from stable.

This follows the increasing commitment of GE Capital International Holdings Corp. to the bank, as evidenced by the bank's planned purchase of GE Capital's auto loan business in Thailand, as well as additional its increasing stake in the bank to 35% from 29%, Fitch said.

The bank now has a long-term foreign-currency issuer default rating of BBB- with positive outlook, short-term foreign-currency issuer default rating of F3, national long-term rating of A+(tha) with positive outlook, national short-term rating of F1(tha), individual rating of C/D, support rating of 3, support rating floor of BB, subordinated debt rating of BB+ and national subordinated debt rating of A(tha).

The outlook revision is based on the increasing commitment of GE Capital, as well as the bank's stronger capital position and franchise, notwithstanding the difficult operating environment in 2007, the agency said.

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