Fitch affirms DBS, OCBC, UOB

Fitch Ratings said it affirmed the ratings of three Singapore banks – DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. – and the bank holding company of DBS, DBS Group Holdings Ltd.

The long-term issuer default ratings were affirmed at AA- with stable outlooks, and the viability ratings at aa-.

The ratings on the covered bond programs and covered bond issuances of DBS and OCBC are unaffected.

Fitch said the long-term and short-term issuer default ratings are driven by the viability ratings, which are underpinned by the banks' large loss-absorption buffers, strong funding and liquidity profiles backed by entrenched domestic franchises, strong asset quality and stringent regulatory oversight.

These rating strengths should mitigate risks from their rising exposures to emerging markets in the Asia-Pacific.

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