Moody’s extends Standard Chartered Singapore review

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

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

At this stage, Moody’s said the review will likely result in a one-notch downgrade of the bank's ratings and baseline credit assessment.

The review was initiated on Feb. 22 following Standard Chartered Bank's (SCB, A1 stable) announcement that its Singapore operations will be consolidated. According to the announcement, SCB planned to transfer most of the assets and liabilities of its Singapore branch into Standard Chartered Singapore in the next 12 to 18 months.

Moody's said it is extending the review process because the merger of SCB's Singapore branch with Standard Chartered Singapore has not yet taken place, and regulatory approvals are still pending.

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