Fitch cuts Standard Chartered Singapore to A

Fitch Ratings said it downgraded the long-term issuer default rating on Standard Chartered Bank (Singapore) Ltd. to A from A+.

The outlook is stable.

The bank's short-term issuer default rating was affirmed at F1 and the support rating at 1.

Fitch said the downgrade of the long-term issuer default rating reflects the Oct. 14 downgrade of the viability rating of parent Standard Chartered Bank (SCB; A+/stable) to a from a+.

Standard Chartered Singapore’s ratings reflect the agency’s view that there is an extremely high probability that the Singapore subsidiary would be supported by its parent, if required. As a result, Fitch equalizes Standard Chartered Singapore’s long-term issuer default rating with the viability rating on Standard Chartered Bank.

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