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 at F1+, subordinated lower tier 2 securities at A+ and subordinated upper tier 2 and hybrid tier 1 securities at A.

The outlook is stable.

The ratings reflect its strong local presence, diversified earnings profile, good asset quality record and strong balance sheet, the agency said.

The stable outlook reflects a limited upward momentum to the bank's already high ratings, the agency added.

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