(The following statement was released by the rating agency)
SINGAPORE, June 28 (Fitch) Fitch Ratings has confirmed the rating on DBS Bank
Ltd.'s (DBS) USD15bn global medium term note (GMTN) programme at senior
unsecured 'AA-'. The rating confirmation follows a periodic update of the
programme, including revisions of certain terms and conditions to reflect most
recent regulatory requirements. Fitch had affirmed the programme rating on 17
Fitch stresses that there is no assurance that the notes issued in the future
under the programme will be assigned a rating, or that the rating assigned to a
specific issue under the programme will have the same rating as the programme
rating. The agency does not assign generic programme ratings to subordinated
notes, which will be rated on a case-by-case basis.
Key Rating Drivers
The senior unsecured programme rating is at the same level as DBS's 'AA-'
Long-Term Issuer Default Rating (IDR). This is because the senior notes are
direct, unsubordinated and senior unsecured obligations of the bank, and rank
equally with all its other unsecured and unsubordinated obligations.
A change in DBS's IDR, presently on a Stable Outlook, will have an impact on the
For more details on DBS's ratings and credit profile, see 'Fitch Affirms
Singapore's DBS, OCBC and UOB; Outlook Stable', dated 17 April 2013, and DBS's
full rating report, dated 22 April 2013, available at www.fitchratings.com.
DBS's other ratings are as follows:
- Long-Term IDR 'AA-'; Outlook Stable
- Short-Term IDR 'F1+'
- Viability Rating 'aa-'
- Support Rating '1'
- Support Rating Floor 'A-'
+65 6796 7220
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Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15
August 2012, are available at www.fitchratings.com.
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ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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