Fitch lifts United Overseas Bank (China)

Fitch Ratings said it affirmed United Overseas Bank (China) Ltd.'s long-term issuer default rating at A+ and upgraded its short-term issuer default rating to F1+ from F1.

The outlook is stable.

The bank's support rating of 1 also was affirmed.

The ratings reflect the extremely high likelihood of support from its parent, United Overseas Bank Ltd., if needed.

The agency said it believes the strong support could result in the bank's issuer default rating being aligned with that of its parent, except that United Overseas Bank (China)'s issuer default rating is capped by China's country ceiling of A+, Fitch said.

Fitch said it believes China remains a strategically important market for the bank with the contribution from its greater China operations increasing steadily to represent 14% of group tangible assets by year-end 2018.

This is consistent with rising trade and investment flows between China and Southeast Asia, the agency said.

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