The Asian Banker, 8 Apr 2009
Fitch Ratings has said that a sharp deterioration in Singapore banks' earnings and asset quality, while inevitable given the challenging environment, are on balance well-supported by their robust balance sheet strength; this in turn underpins their high credit ratings. However, if the sharp slowdown in the US and in other major global economies were to worsen and be protracted, in turn exacerbating the recessionary conditions in Singapore, the impact on the local banks' credit profiles would likely be more serious.
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