(The following was released by the rating agency)
HONG KONG (Standard & Poor's) March 14, 2012--Standard & Poor's Ratings Services today assigned its 'A+' issue rating to the proposed issue of subordinated notes due 2022 by DBS Bank Ltd. (AA-/Stable/A-1+; axAAA/axA-1+).
The issue would be a drawdown under the bank's US$15 billion global medium-term notes program. The issue rating on the notes is one notch below the issuer credit rating on DBS Bank, reflecting the subordinated position of the notes.
The U.S. dollar-denominated notes will constitute direct, unsecured, and subordinated obligations of the bank. The bank has the option to redeem early.
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
-- Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011