SINGAPORE (Mar 24): Moody’s Investor Service has warned that it could downgrade the credit ratings of banks and insurers as a result of the novel coronavirus (Covid-19) pandemic.

This will be the case if the spread of Covid-19 and the resulting economic slowdown were to be prolonged and extensive, the ratings agency stresses.

Banks are at risk because local restrictions on movement, leisure activities and air travel will significantly weaken their operating conditions and asset quality, it says.

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