Singapore banks have healthy credit portfolios and liquid, well capitalized balance sheets. We affirmed the ratings on the three banks, reflecting our expectations of resilience in our base-case economic scenario. The stable outlook has factored in an increase in nonperforming assets and profitability pressure arising from the cyclical economic downturn. SINGAPORE (Standard&Poor's) June 30, 2009--Standard&Poor's Ratings Services said today that it affirmed its ratings on the three Singapore banks--DBS Bank Ltd. (AA-/Stable/A-1+), United Overseas Bank Ltd. (A+/Stable/A-1) and Oversea-Chinese Banking Corp. Ltd. (A+/Stable/A-1). Correspondingly, we also affirmed the ratings on DBS Bank (Hong Kong) Ltd. (AA-/Stable/A-1+), which is considered a core subsidiary of DBS. The affirmations reflect our expectations that the banks' strong financial profile and
