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+, commercial paper program at F1+ and the rating on its tier-2 and hybrid tier-1 program at A+ following news of its acquisition of ING Asia Private Bank.

The outlook is stable.

Fitch said it still believes that the bank has a solid loss absorption capacity to negotiate the difficult economic environment, which underpins the bank's ratings.

Asset quality deterioration should only be an earnings issue for the bank, the agency said.

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