Fitch: CIMB Bank to positive view

Fitch Ratings said it revised the outlook on CIMB Bank Bhd.'s long-term foreign-currency issuer default rating to positive from stable. All other ratings are affirmed including its long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, individual rating at C, support rating at 2, subordinated notes program at BBB and deposits at A-.

CIMB Investment Bank Bhd.'s long-term foreign-currency issuer default rating has been upgraded to match CIMB Bank's to BBB+ from BBB with positive outlook, along with its subordinated notes, which have been upgraded to BBB. CIMB Investment Bank's individual rating has been withdrawn and its support rating is affirmed at 2.

The positive outlook reflects the bank's increased diversification following its merger with Southern Bank Bhd., Fitch said, as well as expected improved contributions from its consumer banking unit.

CIMB Bank's loan book now has a stronger consumer focus thanks to the inclusion of Southern Bank's predominantly retail-based loan portfolio, the agency said.

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