Fitch Upgrades Bangkok Mass Transit#s Debentures to #AAA(tha)#

Stocks and Financial Services Press Releases Wednesday January 29, 2014 12:49
Bangkok--29 Jan--Fitch Ratings

Fitch Ratings (Thailand) Limited has upgraded the National Long-Term Ratings of Bangkok Mass Transit System Public Company Limited’s (BTSC) three tranches of debentures that are unconditionally and irrevocably guaranteed by Bank of Ayudhya Public Company Limited (BAY) to ‘AAA(tha)’ from ‘AA-(tha)’. The Outlook is Stable. The rated debentures are: the THB3.6bn debenture due August 2014, THB1.5bn debenture due August 2015 and THB1.3bn debenture due August 2016.

The rating action follows the upgrading of BAY’s National Long-Term Rating to ‘AAA(tha)’ from ‘AA-(tha)’ after Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, A/Stable) recently acquired 72.01% of BAY. For more information see “Fitch Upgrades Bank of Ayudhya to ‘A-’/ ‘AAA(tha)’; Outlook Stable”, dated 28 January 2014 on www.fitchratings.com.

KEY RATING DRIVERS

Guarantee from BAY: The ratings of the debentures are entirely based on the unconditional and irrevocable guarantee of principal and interest of the debentures provided by BAY. As a result, the debentures are rated at the same level as the guarantor, BAY.

RATING SENSITIVITIES
Negative: Future developments that may, individually or collectively, lead to negative rating action include:
  • negative rating action on BAY
The debentures are rated at the highest level on Fitch’s national rating scale established for Thailand, leaving no further room for positive rating action.

Latest Press Release

TMB reveals TMB ABSOLUTE the latest credit card targets high-end customers Every Baht 10 spent earns 1 point

TMB reveals "TMB ABSOLUTE" the latest credit card targets high-end customers Every Baht 10 spent earns 1 point, no foreign transaction fees on overseas spending Including travel insurance coverage TMB launches "TMB ABSOLUTE" Visa Signature, a high-end...

Photo Release: TMB debuts new credit card TMB ABSOLUTE targeting high-end customers

Marie Ramlie, (centre) Head of Retail Products, TMB Bank Public Company Limited, together with Jaray Jianthanakanon (3rd from left), Head of Retail Lending Products, TMB, held a grand event to debut the new credit card TMB ABSOLUTE Via Signature. It is a...

Gossip News: Nattaphatt Tanboon-ek, New CFO of WHAUP

WHA Utilities & Power brought in a veteran - Nattaphatt Tanboon-ek as its new CFO. In addition to his vast experience in capital market, Mr. Nattaphatt is also a guru in the energy sector. Once taking the helm, he will immediately drive both the...

Photo Release: KTC joins hands with Family Mart and Lawson 108 in providing Bt. 10 cash backs.

Mr. Nattasit Soontranu, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, jointly with Family Mart and Lawson 108, provide members worthwhileness with Bt. 10 cash back E-Coupons by making transactions using KTC credit...

Dusk Network Announces Listing of DUSK Token on Bitfinex, Bittrex International and Ethfinex

- Listings on leading exchanges follow recent $8.1 million raise by Amsterdam based Dusk Network Dusk Network, a cryptographically transparent digital ledger, has announced today that its cryptocurrency, DUSK (ERC-20) token, has been listed on the...

Related Topics