...Four-Notch Dow ngrade Buffer: The `AAA' covered bond rating is based on DBS Bank Ltd.'s (DBS) Long-Ter m Issuer Default Rating (IDR) of `AA -', an IDR uplift of zero notches, a pay ment continuity uplift (PCU) of six notches, a recovery uplift of one notch and the 85.0% asset percentage (AP) relied upon by Fitch Ratings in its analysis, w hich is equivalent to the `AAA' breakeven AP. The Stable Outlook reflects a four-notch buffer against a dow ngrade of the IDR. IDR Up lift Rem ains Zero: Covered bonds and senior unsecured debt are exempt from bail- in under the regulations outlined in the Monetary Authority of Singapore (A mendment) Act 2017. Covered bonds and senior unsecured debt w ill rank pari passu in a resolution scenario, in Fitch's opinion, as both are exempted from bail-in. As a result, the bank's Long- Ter m IDR remains the appropriate floor for the covered bond rating. PCU Reflects Strong Liquidity Protection: Fitch's PCU of six notches reflects the strength of liquidity protection...
