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+ and the ratings of its subordinated tier-2 and hybrid tier-1 programs at A+.

The ratings reflect the bank's strong balance sheet, which should help cushion the knock-on effects of the current economic downturn, Fitch said.

Fitch said it believes that rising defaults and declining profits may continue over the next 12 to 18 months, but these risks are well-supported by the bank's solid capital position.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.