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Baht/$ 33.50/55
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IN Brief
BANKING :Fitch Ratings has upgraded the long-term foreign currency issuer default rating (IDR) of Bank of Ayudhya to BBB from BBB-. Several other ratings were also upgraded one step, including the national long-term rating to AA-(tha) from A+(tha). The outlook has been revised to stable from positive.
Fitch said the upgrades reflected BAY's improving profitability and asset quality despite the challenging operating environment, as well as the bank's strong capital position.
Following a loss of four billion baht last year due to high provisions, BAY improved to a profit of three billion in the first half of 2008, due mainly to lower provisioning and higher revenues.
Although provisioning risks remain, this should be largely offset by earnings, Fitch said of the bank in which GE Capital International Holdings Corp holds 35%.
BAY shares closed yesterday on the SET at 19.70 baht, down 20 satang, in trade worth 255.6 million baht.
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Milk prices rising
FOOD :A rise in raw milk prices is expected to raise retail prices of ready-to-drink UHT and pasteurised milk by only 70 satang per 250cc carton, according to Yanyong Phuangrach, the director-general of the Internal Trade Department.
Final pricing would be determined next week, he said. The cabinet on Tuesday approved increases in the ex-factory prices of raw milk by 3.50 baht per kilogramme to 18 baht. 2-week low for baht MARKETS :The baht fell yesterday to a two-week low on speculation that overseas investors will sell Thai stocks on concern that growth will slow on rising oil prices.
A $4 climb in oil prices also added to concern inflation could accelerate.
"The overall rebound in oil prices will be a drag on sentiment, including the baht," said Han Sia Yeo, a Singapore-based foreign-exchange strategist at Bank of America Corp. "We expect the baht to weaken from here. The political situation will continue to worsen."
The baht declined 0.1% to 33.50 to the dollar. It has fallen 0.2% this month, the third-worst performer among the 10 most-traded currencies in Asia outside Japan.BLOOMBERG
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Cargill debt rated
FINANCE :Fitch Ratings has assigned a rating of AAA(tha) to a proposed issue of baht-denominated debt by Cargill Incorporated, with a stable outlook.
The US agribusiness giant plans to issue up to 3.5 billion baht in senior unsecured debentures with a maturity of up to 10 years in Thailand for general corporate purposes.
Cargill currently has a long-term foreign currency issuer default rating of A with a stable outlook, reflecting its status as the largest agricultural company in the United States and one of the largest privately owned companies in the world. Key operations include oilseed processing, corn milling, meat processing, fertiliser and animal nutrition. KBank promotion BANKING :Wiwan Tarahirunchote has been named a new executive vice-president of Kasikornbank. Mrs Wiwan, formerly the executive vice-chairman of Kasikorn Asset Management, will oversee the bank's corporate business group, effective today.
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Mazda reorganises
AUTOMOBILES :Mazda Sales Thailand has named a new executive team to drive business growth and strengthen after-sales service.
Chalermporn Benjatikul was named general manager for the parts and service department, and Chanatt Thasnasuwarn operational marketing manager overseeing marketing activities. Panupong Attaprapas will be the marketing team's communications manager. New United chief AVIATION :United Airlines has named Joe Mannix, a 36-year veteran of the airline, as its general manager for Thailand. His previous experience includes terms in Korea and Vietnam.
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BBL position
CLARIFICATION :In a story titled "BBL frets over rising NPLs in Vietnam", published on page two of Tuesday's Business section, reference was made to Bangkok Bank's loan book at its Vietnam branch.
Wittaya Supatanakul, an adviser to Bangkok Bank's international banking group, clarified that the bank's Vietnam branch had seen no impact or decline in credit quality for its loans to exporters or importers.
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