Market-leading position in Singapore with a strong franchise. Strong funding profile. Management team's proven record. Exposure to increasing economic and credit risk because of expansion in emerging Asian markets. Operations in a saturated domestic market with competitive pricing. The stable outlook on DBS Bank Ltd. reflects our view that the bank will maintain its high systemic importance in Singapore, and its stand-alone credit profile (SACP) will stay within the 'a' category over the next two years. The outlook also reflects the outlook on the sovereign credit rating on Singapore (unsolicited ratings AAA/Stable/A-1+; axAAA/axA-1+). We expect DBS to maintain its leadership in its key markets of Singapore and Hong Kong, while growing overseas in a measured way with adequate risk controls.
