Fitch: BOK Financial view positive

Fitch Ratings said it affirmed the long-term issuer default ratings of BOK Financial Corp. and its lead bank subsidiary BOKF, NA at A-.

The outlook was revised to positive from stable.

The affirmation of BOK's ratings reflects its solid and consistent performance throughout the credit cycle which allowed it to maintain a strong capital base without reducing dividends or accepting TARP capital, the agency said.

Consistent performance was underpinned by strong asset quality reflected in very low charge-off levels, highlighting management's conservative underwriting culture, the agency noted.

BOK's ratings also incorporate the company's diverse revenue stream and a favorable geographic footprint.

These strengths are balanced by the company's relatively high level of NPA's (3.23% of loans and OREO) and roughly a $500 million exposure to sub investment-grade private label mortgage-backed securities, according to the agency.

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