Tiger Brokers

Fitch Affirms United Overseas Bank's Thai Subsidiary at A- Rating with Negative Outlook

MT Newswires
Jun 24

Fitch Ratings affirmed United Overseas Bank (SGX:U11) subsidiary United Overseas Bank (Thai) Public Company Limited's long-term issuer default rating (IDR) at A-, with a negative outlook.

Fitch Ratings Thailand also affirmed the company's national long-term rating at AAA(tha) with a stable outlook, and the bank's shareholder support rating (SSR) at a-, viability rating (VR) at bbb-, and short-term IDR at F1, according to a Wednesday commentary.

The ratings and stable outlook reflect the rating agency's expectation that the company will continue to receive extraordinary support from its Singapore-based parent, with strong near-term support propensity. In addition, Fitch expects the company's performance to improve further this year and in 2027, supported by strong cost management, stable non-interest income, and lower credit costs.

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