RTTNews - Wednesday, Fitch Ratings said in a report that the stable outlook on Singapore local banks' 'AA minus' credit ratings have been maintained.

The firm said that even though Singapore's bank's asset quality and earnings deteriorated slightly, their ratings remain intact in the current economic downturn, thanks to their high capital cushion and strong loss absorption abilities.

In its semi-annual review of Singapore's banks, Fitch said, despite difficult operating conditions, the deterioration in the banks' strong financial profiles has only been modest so far and the agency expects their credit profiles to remain adequate, as a result of their satisfactory earnings capacity and strong capital buffers.

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