Singapore banks can fend off challenges to asset quality, says S&P

Singapore

THE financial strength of Singapore banks will be tested this year as asset quality deteriorates and non-performing loans (NPLs) edge up, Standard & Poor's (S&P) said in a report released on Wednesday.

But the credit rating agency believes that the three well-capitalised banks have sufficiently solid financial profiles to endure the difficulties and maintains "AA-" long-term issuer credit rating on all three banks.