Moody’s extends DBS, OCBC review

Moody's Investors Service said it extended its review for upgrade on the ratings assigned to the subordinated Tier-2 point of non-viability securities and/or related program components of DBS Bank Ltd., DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

The review was initiated on Nov. 16, driven by Moody's opinion that Singapore banks' subordinated Tier-2 contractual point of non-viability securities (Tier-2 PONV) will represent a lower credit risk once the Monetary Authority of Singapore introduces the enhanced bank resolution regime.

The agency said it extended the review process because the Monetary Authority of Singapore has not yet introduced the enhanced bank resolution regime for Singapore banks. Moody's expects to conclude the review once the resolution regime is enacted.

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