Bangkok Deputy Governor Panich Wikitset asserted yesterday findings by a private ratings agency would rank the Bangkok Metropolitan Administration (BMA) second only to the Finance Ministry.

Panich revealed the BMA had hired TRIS Rating Co, Ltd to evaluate BMA's administrative efficiency. The evaluation was costing Bt800,000. The results would be reported at the end of the year.

Panich said he was confident the BMA would receive a triple-A-minus rating.

If it did, that would place it second only to the Finance Ministry and above all state enterprises.

Panich said TRIS would evaluate the BMA in four areas - large-scale-project budget management, revenue management, an audit of BMA assets and transparency of procurement and employment.

"I am confident BMA credibility will be top-rate and this will benefit future BMA-issued bonds," Panich said. The deputy governor said administration revenue this year would be Bt52 billion.

TRIS rates companies or institutions wanting to assess their capabilities for future issues in the debt market and rates companies or institutions planning to mobilise funds through secured and unsecured bonds which, by law, require a credit rating.

According to TRIS, a triple-A rating is the highest and indicated a company or a debt instrument with the least degree of credit risk. A company or institution with a triple-A rating had extremely strong ability to pay interest and repay principal on time. It was unlikely to be affected by adverse changes in business, economic or other external conditions.