Moody’s keeps DBS, OCBC on review

Moody's Investors Service said it extended its review for upgrade on the ratings assigned to the subordinated tier 2 point of non-viability securities of DBS Bank Ltd., DBS Group Holdings Ltd., Oversea-Chinese Banking Corp Ltd. (OCBC) and United Overseas Bank Ltd. (UOB).

The review was initiated on Nov. 16, 2017, driven by the agency’s opinion that Singapore banks' subordinated tier 2 contractual point of non-viability securities will represent a lower credit risk once the Monetary Authority of Singapore receives statutory bail-in powers.

Moody's said it decided to extend the review because the Monetary Authority of Singapore does not yet have statutory bail-in powers, and some details of statutes governing bail-in are not yet finalized.

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