Moody's: UOB, OCBC face further squeeze on asset quality
Ratings agency says this in report on the two Singapore banks' H1 results; DBS results due before market opens on Aug 8
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Singapore
THE first-half financial results of Oversea-Chinese Banking Corp (OCBC Bank) and United Overseas Bank (UOB) show further weakening in their asset quality and profitability, says ratings agency Moody's. And this reflects the persistent challenges they face and underpins the negative outlook on their credit ratings.
But, said Moody's in a research report on Monday, the deteriorations so far remained within the parameters set for the current ratings of OCBC (Aa1/Aa1 Negative, aa3) and UOB (Aa1/Aa1 Negative, aa3).
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