Singapore Banking Outlook: Sound Fundamentals Should Offset Weaker Growth Prospects In 2012 Mar 12

Standard & Poors, March 2012

Abstract
Singapore has been resilient to the upheaval in the international markets so far. But as an open economy, the island nation is exposed to spill over effects from its major global trading partners. Consequently, Standard & Poor's Ratings Services believes that a slowdown in Europe, sluggish growth in the U.S., and generally cautious business sentiment are likely to translate into weaker exports and temper the growth of Singapore banks. Weaker demand for loans means that Singapore's banks can no longer rely on volume to maintain profitability in 2012. Loan growth will moderate this year, compared with that in 2011, as economic growth decelerates, in our view. Interest margins are also likely to continue to come under pressure as banks compete...

Companies mentioned in this report are: Singapore (Republic of) (Unsolicited Ratings),DBS Bank Ltd.,United Overseas Bank Ltd.,Oversea-Chinese Banking Corp. Ltd.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Singapore (Republic of) (Unsolicited Ratings),DBS Bank Ltd.,United Overseas Bank Ltd.,Oversea-Chinese Banking Corp. Ltd.

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