(The following was released by the rating agency)

BANGKOK/SINGAPORE, February 09 (Fitch) Fitch Ratings
(Thailand) has assigned Bank of Ayudhya Public Company Limited’s
(BAY; ‘AA-(tha)’/Stable) senior unsecured debentures of up to
THB20bn with a maturity of up to three years a ‘AA-(tha)’
National Long-Term rating. The proceeds will be used for general
corporate purposes.

The rating assigned to BAY’s senior unsecured notes is at
the same level as the bank’s National Long-Term rating. The
bank’s ratings are based on its standalone financial position,
robust performance, strong capital position and continued
improvement of asset quality. The ratings also consider BAY’s
greater use of wholesale funding, relative to similarly rated
peers, to better match its asset profile.

BAY was established in 1945, and is Thailand’s fifth-largest
commercial bank. It had a market share in loans and deposits of
about 8% as of end-2011. Its key subsidiaries are auto finance,
credit card, consumer finance, securities and fund management.
Given BAY’s large share of deposits and loans, there is a
moderate probability of government support, should this be
needed.