Moody's cuts three Singapore banks

Moody's Investors Service said it downgraded its ratings on certain Singaporean banks' hybrid securities, in line with its revised guidelines.

Moody's said it lowered the cumulative junior subordinated debt securities to A1 from Aa2 and non-cumulative preferred securities to A3 from Aa3 for DBS Bank, Oversea-Chinese Banking Corp. and United Overseas Bank. This concludes the review for possible downgrade that began in November.

The ratings of other Singapore banks, including lower tier II subordinated debt, remain unchanged.

The outlook remains negative

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