Research Update: Standard Chartered Bank (Singapore) Ltd. Assigned 'A/A-1' Ratings; Outlook Stable

SCBS has received Singapore court approval for a scheme of transfer, moving most of the branch operations into the subsidiary. As a result, we are finalizing the preliminary ratings on the bank. The transfer will create a full-service banking subsidiary. We expect the group to exclude significant gross nonperforming loans from the subsidiary and inject a material amount of capital as part of the transfer. We are assigning our final 'A/A-1' long- and short-term ratings to SCBS. We are also assigning our 'A/A-1' ratings to the bank's euro commercial paper and certificate of deposit program. Our stable outlook reflects our view that SCBS would receive timely support from its financially stronger group or the Singapore government, if needed. On May

...- SCBS has received Singapore court approval for a scheme of transfer, moving most of the branch operations into the subsidiary. As a result, we are finalizing the preliminary ratings on the bank. The transfer will create a full-service banking subsidiary. - We expect the group to exclude significant gross nonperforming loans from the subsidiary and inject a material amount of capital as part of the transfer. - We are assigning our final 'A/A-1' long- and short-term ratings to SCBS. We are also assigning our 'A/A-1' ratings to the bank's euro commercial paper and certificate of deposit program. - Our stable outlook reflects our view that SCBS would receive timely support from its financially stronger group or the Singapore government, if needed....

Research Update