Fitch revises OCBC view to stable

Fitch Ratings said it revised Oversea-Chinese Banking Corp. Ltd.’s outlook to stable from negative and affirmed the issuer default rating at AA-.

“The stable outlook reflects our view of improved business and financial prospects leading to easing pressure on OCBC's operating environment and financial profile core metrics. We project milder asset quality deterioration than initially expected, in line with the ongoing economic recovery in Singapore and the bank's key overseas markets. These, together with the bank's proactive provisioning in 2020, allow for a brisk recovery in earnings in 2021. We have therefore revised the outlooks on OCBC's asset quality, profitability and capitalization to stable from negative,” Fitch said in a press release.

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