S&P affirms Singapore banks

Standard & Poor's said it affirmed the ratings on three Singapore banks - DBS Bank Ltd., United Overseas Bank Ltd. and Oversea-Chinese Banking Corp. Ltd., along with the ratings on DBS Bank (Hong Kong) Ltd., which is considered to be a core subsidiary of DBS.

The affirmations acknowledge the banks' strong financial profiles and prudent management strategies, which enabled the banks to maintain resilient performances in an uncertain and difficult operating environment, S&P said.

These banks have liquid, well-capitalized balance sheets and healthy credit portfolios, protected by proactive risk management and sensible risk appetites, the agency said.

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