...Rating Derivation Summary: Housing and Development Board (HDB) was constituted in 1960 under the Housing and Development Act 1959. Its policy mission is to enhance housing welfare in Singapore (AAA/Stable) by supplying public housing and concomitant financing to homebuyers. The entity's policy role is in line with the government's housing policy. Fitch Ratings deems HDB a government-related entity (GRE) and uses a top-down rating approach, based on our expectations of a high likelihood of exceptional government support, if needed. Strong Linkage: We assess HDB's status, ownership and control, and support record as `Very Strong' based on its special legal status as a statutory board incorporated by law under the purview of the Ministry of National Development (MND) and the government's full ownership. HDB's operation and business plan closely adhere to the government's housing-market policies. Government grants fully cover any loss that HDB incurs in its public housing operation. Intact...
