Fitch ups United Overseas Bank (Thai)

Fitch Ratings said it upgraded United Overseas Bank (Thai) PCL's national long-term rating to AAA(tha) from AA+(tha), along with its long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2 and short-term national rating at F1+(tha).

The outlook is stable.

The upgrade reflects a reassessment of support for Singapore-based United Overseas Bank's Thai subsidiary - notwithstanding Thailand's ownership restriction, which generally limits foreign ownership to 49%, Fitch said.

This is unlikely to prevent a capitalization of United Overseas Bank (Thai) if that was required in the event of financial problems, the agency said.

The Thai bank's ratings are based on the Singapore parent bank remaining the controlling shareholder, Fitch added.

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