Fitch affirms Oversea-Chinese Banking

Fitch Ratings said it affirmed Oversea-Chinese Banking Corp.'s long-term foreign-currency issuer default rating at AA-, short-term foreign-currency issuer default rating at F1+, individual rating at B, support rating at 2, support rating floor at BBB+ and subordinated tier-2 and preference shares ratings at A+, following a review of the bank.

The outlook is stable.

While the operating environment in the bank's main markets - Singapore and Malaysia - may be less benign in the future as a result of the expected slowdown in the United States, Fitch said the bank's credit profile should stay sufficiently strong to maintain its ratings at their current level.

The ratings also take into account a possible slight reduction in the bank's capital ratios in the future, in line with the bank's strategy of managing its capital (particularly tier-1 capital) more efficiently, the agency said.

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