Fitch affirms United Overseas Bank

Fitch Ratings said it affirmed United Overseas Bank's long-term foreign-currency issuer default rating at AA- with stable outlook, short-term rating at F1+ and the ratings of subordinated tier-2 and hybrid tier-1 program at A+.

The ratings reflect the bank's sound financial position maintained over a long period of time, Fitch said.

The agency also said it believes the bank's improved asset quality and healthy capital position should enable it to withstand the challenging market conditions expected in its main operating markets.

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