Standard Chartered Bank (Singapore) Ltd.

We also expect SCBS to benefit from government support. This reflects the bank's moderate systemic importance in Singapore, which is highly supportive of the banking sector. Such support will result in the same two-notch uplift above the stand-alone credit profile (SACP) that we envisage from group support. The stable outlook on the long-term issuer credit rating reflects our view that SCBS will receive timely support from the wider Standard Chartered group or Singapore government, if needed. We expect the group and the government to be willing and able to support SCBS to a level commensurate with our 'A+/A-1' ratings. A downgrade is highly unlikely, given that this would require a reduction in SCBS' stand-alone creditworthiness and a weaker group credit

...Standard Chartered Bank (Singapore) Ltd. (SCBS) benefits from both group and government support. The bank's position as the Association of Southeast Asian Nations (ASEAN) hub strengthens its core group status within the Standard Chartered group. The rating is therefore equalized with the 'a+' group credit profile. We also expect SCBS to benefit from government support. This reflects the bank's moderate systemic importance in Singapore, which is highly supportive of the banking sector. Such support will result in the same two-notch uplift above the stand-alone credit profile (SACP) that we envisage from group support. SCBS' capitalization buffers remain strong. In our base case, the bank's risk-adjusted capital (RAC) ratio will stay well above 10% level for over the next 12-24 months, mainly due to our expectation of low single-digit loan growth despite high dividend payouts. Asset quality will remain resilient. Group-wide de-risking initiatives underpinned SCBS' asset quality improvement...

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