Fitch Revises AmBank (M)'s Outlook to Positive, Affirms Ratings

Fitch Ratings revised its outlook on AmBank (M) to positive from stable, while affirming the lender's Long-Term Issuer Default Rating at BBB-. The rating agency cited the lender's continued execution of its business banking growth strategy and resilient financial performance. The ratings agency said AmBank's improving business profile, stable asset quality, sound capitalisation and steady profitability support the positive outlook, despite higher exposure to SME lending. Fitch said an upgrade could follow if the bank sustains improvements in its business profile and maintains strong capital, while the outlook could return to Stable if business expansion results in weaker asset quality than expected. Fitch also affirmed the bank's Government Support Rating at bbb- and Viability Rating at bbb-. AmBank (M) is a unit of Malaysian listed AMMB Holdings (KLSE:AMBANK).