Moody’s: Four Singapore financials to negative

Moody's Investors Service said it revised the outlook on four Singapore financial institutions to negative from stable. The institutions are DBS Bank Ltd., DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

Moody’s said the action reflects its expectation that a more challenging operating environment for banks in Singapore in 2016, and possibly beyond, will pressure the banks' asset quality and profitability.

The agency expects credit conditions for banks in Singapore will continue to weaken against the backdrop of slower economic and trade growth, both domestically and in the region. The more challenging operating environment has been reflected in Moody's change of Singapore's macro profile to "very strong-" from "very strong."

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