S&P affirms three Singapore banks

S&P said it affirmed the AA- long-term and A-1+ short-term issuer credit ratings on three Singapore-based banks, including DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

The outlooks are stable.

“Singapore's three major local banks have maintained sound financial fundamentals, including adequate capitalization and strong liquidity buffers, which were built over many years,” the agency said in a news release.

“Healthy economic growth, recovery in commodity prices and supportive credit conditions will underpin the banks' performance in 2018.”

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