Market leader in Singapore Strong deposit funding and resulting higher margin upside as interest rates rise in the region Management team's proven record Sizable direct exposure to Greater China, for which growth prospects are becoming less certain Constraints on asset quality from the region's slower economic growth and corrections in commodity prices The stable outlook on DBS Bank Ltd. reflects our expectation that the bank will maintain its high systemic importance in Singapore and that its stand-alone credit profile (SACP) will remain 'a' over the next one to two years. The outlook on DBS also reflects the outlook on the sovereign credit rating on Singapore (AAA/Stable/A-1+; axAAA/axA-1+). We see both positive and negative rating actions as unlikely over the next
