Fitch affirms United Overseas Bank (Thai)

Fitch Ratings said it affirmed United Overseas Bank (Thai) PCL's long-term foreign-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2, individual rating at C/D, support rating at 1, national long-term rating at AA+(tha) and national short-term rating at F1+(tha).

The outlook is stable.

The ratings are based on Singapore-based United Overseas Bank (AA-with stable view) remaining the controlling shareholder of the bank, the agency said. Fitch said it believes there is an extremely high probability that support would be forthcoming, if necessary.

Any change in the parent bank's shareholding or its commitment and support to the Thai bank could affect its international and national ratings, Fitch said.

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