Moody's: Upgrades for Singapore banks

Moody's Investors Service said it published the rating results for banks in Singapore as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies. The B bank financial strength rating of each bank remains unchanged.

In conjunction with the application, the agency assigned Aa1/Prime-1 global local-currency deposit ratings to DBS Bank Ltd. and upgraded its foreign-currency deposit ratings to Aa1/Prime-1 from Aa2/Prime-1, subordinated debt rating to Aa2 from Aa3 and preference stock to Aa3 from A1.

Moody's assigned Aa1/Prime-1 global local-currency deposit ratings to the Oversea-Chinese Banking Corp. Ltd. and upgraded its foreign-currency deposit ratings to Aa1/Prime-1 from Aa3/Prime-1, subordinated debt rating to Aa2 from A1 and preference stock to Aa3 from A2.

Finally, the agency assigned Aa1/Prime-1 global local-currency deposit ratings to the United Overseas Bank Ltd. and upgraded its foreign-currency deposit ratings to Aa1/Prime-1 from Aa3/Prime-1, subordinated debt rating to Aa2 from A1 and preference stock to Aa3 from A2.

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