Beneficiary of group or government support, if required. Strong capitalization. Modest market share and earnings relative to major Singapore banks. High concentration in corporate loans, specifically, in the commodity sector. Our stable outlook reflects our view that Standard Chartered Bank (Singapore) Ltd. (SCBS) would receive timely support from its financially stronger group or the Singapore government, if needed. We expect the group and government would be willing and able to support SCBS to a level commensurate with the 'A/A-1' ratings. We would raise our ratings on SCBS if its stand-alone creditworthiness, or the ALAC-supported group's creditworthiness, improved. The most likely scenario is the group's credit profile improving to 'a+' from 'a'. SCBS' stand-alone creditworthiness could improve if we observed a
