Group-wide de-risking initiatives in the past few years have improved the asset quality ratios of Standard Chartered Bank (Singapore) Ltd. (SCBS) to levels more comparable with those of its domestic peers. We revised our assessment of the stand-alone credit profile (SACP) of the Singapore-based bank to 'a-' from 'bbb+' to reflect this. We continue to assess SCBS as a core subsidiary of the Standard Chartered group, and therefore equalize the rating with the group credit profile. We affirmed our 'A+' long-term and 'A-1' short-term issuer credit ratings on SCBS. At the same time, we affirmed our 'A+' long-term and 'A-1' short-term issue ratings on any senior debt that the bank could issue under its certificates of deposit (CD) program. The
