Fitch affirms CIMB Bank

Fitch Ratings said it affirmed CIMB Bank Bhd's long-term foreign-currency issuer default rating at BBB+, following its acquisition of a 42.1%-stake in BankThai plc. CIMB Investment Bank Bhd's long-term foreign-currency issuer default rating also has been affirmed at BBB+.

The outlook has been revised to stable from positive.

The group's foray into the less developed markets together with the more challenging operating environment has somewhat increased its credit and operational risk profile, the agency said.

While any improvement will not be likely in the near to the medium term, Fitch said the group's risk profile should remain stable, thanks to the good track record of the bank's management team, satisfactory capital position and diversification benefits over the longer term.

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