SINGAPORE (Apr 2): Credit rating agency Moody’s Investors Service has downgraded its outlook on Singapore’s banking system to “negative” as the city state grapples with an economic slowdown and declining interest rates amid the Covid-19 pandemic

Against this backdrop, Moody’s analysts Eugene Tarzimanov, Alka Anbarasu, Graeme Knowd and Stephen Long point out in an April 2 report that loan growth in Singapore is expected to be very limited this year.

The analysts also foresee a resultant deterioration in asset quality.

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