Market leadership in Singapore. Strong deposit funding and resulting higher margin in a rising interest rate environment. Management's proven record. Sizable direct exposure to Greater China, where economic prospects have become less certain and credit risk is rising. Rising asset quality pressure as a result of the region's continued sluggish growth and difficulties in the offshore support services sector. The stable outlook on DBS Bank Ltd. reflects our expectation that the bank will maintain its high systemic importance in Singapore and its 'a' stand-alone credit profile (SACP) over the next one to two years. We see both positive and negative rating actions as unlikely over the next one to two years because we would need to adjust the SACP by
