Moody's lifts Bank of Singapore baseline rating

Moody's Investors Service said it affirmed the Aa1/P-1 ratings of Bank of Singapore.

The outlook remains stable.

Moody's said it upgraded the baseline credit assessment toA2 from A3.

The bank's adjusted baseline credit assessment was affirmed at A1. That rating incorporates parental support uplift from Oversea-Chinese Banking Corp. Ltd., the agency noted.

The baseline was upgraded to A2 due to the bank's good track record in maintaining very strong asset quality, good capital, good profitability and efficiency, Moody's said.

The bank also has a good track record of managing large acquisitions, most recently the acquisition of the wealth and investment management business of Barclays plc in Singapore and Hong Kong in 2016, the agency said.

The bank's profitability was strong over the first six months of 2018 with an annualized return on assets of 1.1%, driven by strong market activity, Moody's said.

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