Market leadership in Singapore. Strong deposit funding, resulting in higher margins in a rising interest rate environment. Management's proven record. Sizable direct exposure to Greater China, where economic prospects have become less certain and credit risk is rising. The stable outlook on DBS Bank Ltd. reflects our expectation that the bank will maintain its high systemic importance in Singapore and that its stand-alone credit profile (SACP) will remain 'a' over the next one to two years. We believe both positive and negative rating actions are unlikely over the next one to two years, given DBS' strong stand-alone creditworthiness. The bank's SACP needs to decline by at least two notches before the rating is affected. We may revise the SACP downward
