Moody’s keeps Standard Chartered Singapore on review

Moody's Investors Service said it extended its review for downgrade on the Aa3/P-1 long-term and short-term deposit and issuer ratings assigned to 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, counterparty risk assessments of Aa2(cr)/P-1(cr) and counterparty risk ratings of Aa2/P-1.

The review was initiated on Feb. 22 following Standard Chartered Bank's (A1 stable) announcement that its Singapore operations will be consolidated.

Standard Chartered Bank planned to transfer most of the assets and liabilities of its Singapore branch into Standard Chartered Bank (Singapore) in the next 12 to 18 months.

Moody’s said is extending the review process because the merger has not yet taken place, and regulatory approvals are still pending.

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