S&P ups Bank of Ayudhya to BBB+

Standard & Poor's said it raised its long-term issuer credit rating on Bank of Ayudhya pcl to BBB+ from BBB-.

The outlook is stable.

The agency also raised its short-term rating on the bank to A-2 from A-3, the long-term Asean regional scale rating to axA+ from axA- and the short-term Asean regional scale rating to axA-1 from axA-2.

All ratings were removed from CreditWatch, where they were placed with positive implications on July 3.

"We raised the rating on BAY because we expect the bank to benefit from potential parent group support following Bank of Tokyo-Mitsubishi UFJ Ltd.'s acquisition of a substantial stake in the bank," S&P credit analyst Cheul Soo Cho said in a news release.

Bank of Tokyo-Mitsubishi UFJ Ltd. is the main operating bank of Mitsubishi UFJ Financial Group Inc.

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