Fitch revises United Overseas view to stable

Fitch Ratings said it revised United Overseas Bank Ltd.'s outlook to stable from negative and affirmed the issuer rating at AA-.

“The revision to a stable outlook reflects Fitch's view of UOB's improving business and financial prospects in Singapore and key overseas markets, alleviating downside risks on the bank's operating environment and financial profile core metrics. We expect the bank's credit costs to decline in 2021, in light of more benign asset quality conditions than previously anticipated. This expectation supports the revision of our outlook on UOB's asset quality, profitability and capitalization to stable from negative,” Fitch said in a press release.

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