Fitch affirms EON Bank

Fitch Ratings said it affirmed EON Bank Bhd.'s long-term foreign-currency issuer default rating at BBB- with a stable outlook, short-term foreign-currency issuer default rating at F3, individual rating at C/D and support rating at 3. The support rating floor remains unchanged at BB. The agency also affirmed the BB+ rating on the bank's subordinated debt.

The bank's ratings reflect its adequate balance sheet strength, with its reduced profitability mitigated by the improved provision cover and stable capitalization, the agency said.

The stable outlook is underpinned by the benign credit environment, Fitch said, adding that any significant weakening in asset quality and/or profitability could exert pressure on the ratings, although Fitch said it considers the risks to be remote at this point in time.

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