Moody’s reviews Standard Chartered Singapore

Moody's Investors Service said it placed the Aa3/P-1 long-term and short-term deposit and issuer ratings assigned to Standard Chartered Bank (Singapore) Ltd. on review for downgrade.

At the same time, the agency placed the baseline credit assessment of a2, adjusted BCA of a2 and counterparty risk assessments of Aa2(cr)/P-1(cr) on review for downgrade.

Moody’s said the actions follow Standard Chartered Bank's (SCB, A1 stable) Feb. 22 announcement that its Singapore operations will be consolidated. According to the announcement, SCB plans to transfer most of the assets and liabilities of its Singapore branch into Standard Chartered Singapore in the next 12 to 18 months.

“The review for downgrade is driven by Moody's opinion that the post-merger SCBSL will have a higher risk profile, compared to the pre-merger bank. This will likely result in a one-notch downgrade of the bank's ratings and BCA,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.