Fitch: Singapore banks stable

Fitch Ratings said that the continuing economic recovery in Singapore in 2010 is likely to result in higher earnings and robust balance-sheet strength for the three local banks, following a fairly resilient performance in 2009 in a difficult environment.

As such, the agency said it expects the AA- credit ratings of DBS Bank Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank to remain stable.

Credit costs rose moderately in 2009, the agency said, but were much lower than reported during the 1997-1998 Asian financial crisis.

This was due to the strong financial condition of the banks, Fitch said, and also due to the prompt actions taken by the Singapore government to assist individuals and businesses in riding out this difficult period.

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