Fitch lifts AmBank view to positive

Fitch Ratings said it revised the outlook on AmBank Bhd.'s ratings to positive from stable. The agency also said it affirmed the bank's long-term foreign-currency issuer default rating at BBB- with a stable outlook, short-term foreign-currency issuer default rating at F3, individual rating at C/D, support rating at 3 and support rating floor at BB. Fitch also said it affirmed the BB rating on the bank's hybrid securities.

The ratings reflect the bank's improved, but still weak, balance sheet strength and moderate profitability as well as the benefits from its new strategic partner, the Australian and New Zealand Banking Group Ltd., Fitch said.

With Australian and New Zealand Banking's involvement in AmBank's strategic direction and operational matters, AmBank's financial strength and market position are expected to improve, the agency said.

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