Fitch Rates Bank of Ayudhya's Senior Unsecured Bonds 'AAA(tha)'
The bonds will have a tenor of up to three years and the total issue size will be up to THBFitch RatingsBank of Ayudhya billion. Proceeds of the issue will be used for refinancing and/or general corporate purposes.
KEY RATING DRIVERS
The bonds are rated at the same level as BAY's National Long-Term Rating as they represent unsubordinated and unsecured obligations of the bank.
BAY's National Long-Term Rating is driven by Fitch's view that the bank is a strategically important subsidiary of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU; A/Stable). BTMU holds 76.9% of BAY and has management control. BAY is a key part of the parent's strategy for south-east Asia, with significant marketing and operational linkages.
RATING SENSITIVITIES
The rating on the bonds is sensitive to any changes in BAY's National Long-Term Rating. The National Long-Term Rating of BAY is at the top end of the scale and no upside is possible.
A downgrade of the Long-Term Issuer Default Rating of BTMU could lead to negative rating action on BAY's National Long-Term Rating.
BAY's National Long-Term Rating could also be hurt if BTMU shows a reduced propensity to support its Thai subsidiary - which may, for example, be seen via a significantly reduced shareholding or weakening in operational integration. However, Fitch views this as unlikely in the medium term.
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