S&P rates Bank of Ayudhya

Standard & Poor's said it raised its long-term counterparty credit rating on Thailand's Bank of Ayudhya Public Co. Ltd. to BB+ from BB.

S&P said the short-term counterparty credit rating was affirmed at B.

The outlook is stable.

At the same time, the agency said it assigned its C bank fundamental strength rating to the bank.

The upgrade recognizes the bank's improving underlying profitability and asset quality for fiscal 2004, S&P said.

The stable outlook incorporates the expected continuing stabilization in the bank's operating performance, the agency noted.

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