The ratings are: Short-Term Local Currency Debt Rating, affirmed at LC-2: Senior Debt Rating, Assigned BB: Subordinated Debt Rating, assigned B. With assets of $12.8 billion and 417 branches, Bank of Ayudhya has its headquarters in Bangkok, Thailand, and is the fifth largest bank in the country. Historically, the bank has been a profitable one, with a strong franchise in the Sino-Thai middle market. The Asian financial crisis of 1997-99 had a catastrophic impact on the banking industry, and survivors like Bank of Ayudhya are still in the process of recovery. Unlike some of its peers, the bank remains in private hands. The controlling shareholder is the Ratanarak family, which also has considerable interests in the securities, insurance and cement industries. Although the challenges facing the Thai bank sector are immense, large strides have been taken, and it appears that the worst has passed. The bank has had some success in recapitalizing and reducing problem assets.
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