Fitch affirms Bank UOB Buana

Fitch Ratings said it affirmed PT Bank UOB Buana Tbk's long-term foreign- and local-currency issuer default ratings at BB, short-term foreign-currency issuer default rating at B and national long-term rating at AA+(idn).

The outlook is stable.

The ratings reflect the support from its financially strong Singapore-based parent, United Overseas Bank, rated AA-, Fitch said, and the bank's own solid capital position.

United Overseas Bank's strong commitment to Buana is further reflected in the increase of its majority ownership to nearly 99% in October 2008, the agency said.

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