Most Asia-Pacific banks will likely mitigate risks related to US trade and other policy uncertainties, geopolitics, and the financing environment, S&P Global Ratings said in a release on Thursday.

The rating agency has 90% of bank ratings in the region on stable outlook.

However, a negative shift in macroeconomic conditions outside S&P's base scenario will impact the real economy and borrowers, which will lead to negative spillover effects on banks.

The impact will also weigh on lenders' asset quality and constrain their ratings and outlooks, S&P said.

Still, regional markets continue to be optimistic despite heightened credit risks, as seen in equity prices at or near historic peaks and bond spreads near historic lows, the rating agency said.