The performance of three Singapore banks--DBS, UOB, and OCBC--has been resilient, and in line with our expectations. While DBS' business profile is stronger than its domestic peers', it has been declining. We expect the bank's financial profile to remain strong. The rating on UOB continues to be underpinned by the bank's solid franchise in the core domestic market. OCBC could potentially benefit from a further increase in earnings diversity and expanded franchise in overseas markets following the acquisition of ING Asia Private Bank. We affirmed the ratings on all three banks. SINGAPORE (Standard&Poor's) July 13, 2010--Standard&Poor's Ratings Services said today that it affirmed its ratings on three Singapore banks--DBS Bank Ltd. (DBS; AA-/Stable/A-1+), United Overseas Bank
