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Moody's lowers Singapore banks’ outlook to negative

by ChemOrbis Editorial Team -
  • 31/03/2016 (16:36)
According to a press release on Moody’s website, the agency lowered its outlook for the outlook on Singapore’s largest banks, including DBS Bank, its parent company DBS Group, Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) to negative from stable.

The bank cited its expectations of a more challenging operating environment for banks in Singapore and slowing economic growth both in the country and the region as the main factors behind the cut. According to Moody’s, banks in Singapore will continue to weaken due to slowing economy and lower trade growth.

However, the agency reported that Singapore’s banks still have strong capital, loan loss provisions and pre-provision income as well as resilient funding and liquidity profiles.
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