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From: Jackal (Rep: 803)Date: 04/02/2020 03:55
Forum: Wall Street Pit - Msg #2830822Thread #674139315 (Rec: 0)
Moody's downgraded the outlook for Singapore's banking sector to "negative" from "stable", citing risks of rising bad loans and deteriorating profitability due to an economic slowdown and a decline in interest rates amid the coronavirus outbreak.

"Credit costs will rise as asset quality worsens, while interest rates will decline due to monetary easing, weighing on net interest margins," the ratings agency said in a report on Thursday.

Singapore's three main lenders, DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank had forecast muted earnings growth for 2020 even before the virus outbreak.

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