Fitch affirms United Overseas Bank

Fitch Ratings said it affirmed United Overseas Bank's long-term foreign-currency issuer default rating at AA-, short-term rating at F1+, individual rating at B, support rating at 2 and subordinated tier-2 and hybrid tier-1 program at A+ following a review of the bank. The bank's support rating floor remains unchanged at BBB+.

The outlook is stable.

Although the bank's asset quality slightly deteriorated when it acquired Thailand's Bank of Asia in July 2004, Fitch said it has since been improving and together with its healthy capital position, the bank's overall financial profile remains strong.

On the back of generally buoyant economic conditions in the region, the outlook on the bank's operating performance - which has been relatively weak - is also more positive, the agency added.

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