Fitch affirms United Overseas Bank

Fitch Ratings said it affirmed Singapore-based United Overseas Bank's long-term foreign currency issuer default rating at AA-, individual at B and support at 2, following a review of the bank. At the same time, the agency assigned a short-term rating of F1+ to the bank.

The outlook is stable.

Fitch said that although the bank's asset quality slightly deteriorated when it acquired Thailand's Bank of Asia in July 2004, it has since been improving and together with its healthy capital position, United Overseas Bank's overall financial profile remains strong.

United Overseas Bank's operating performance, however, continues to be challenging due to subdued loan growth and intense competition in the mature home market.

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