Fitch rates Bank of Ayudhya notes AA+(tha)

Fitch Ratings (Thailand) said it assigned Bank of Ayudhya PCL’s (AAA(tha)/stable) upcoming issue of Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured notes a national long-term rating of AA+(tha).

The debentures will have a tenor of 10 years, with an option to redeem after five years as well as on subsequent interest payment dates.

The subordinated notes are rated one notch below the bank's national long-term rating to reflect their higher loss-severity risk compared with senior unsecured instruments, Fitch explained.

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