Fitch upgrades Bank of Ayudhya

Fitch Ratings said it upgraded Bank of Ayudhya PCL's short-term issuer default rating to F1 from F2, and affirmed its long-term issuer default rating at A- with a stable outlook.

The short-term issuer default rating was upgraded because Fitch assessed that prospects of extraordinary support from the bank’s parent, MUFG Bank, Ltd. (A/stable/F1), have become more certain in the near term, the agency said.

“BAY's level of integration with the group continues to increase since its merger with MUFG's Bangkok branch in 2015, which reflects positively in terms of improved funding and liquidity prospects for BAY,” Fitch said in a news release.

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