Neither DBS Group Holdings' (DBSH) announcement of a 14% decline in its first quarter earnings, nor the acquisition by wholly owned Development Bank of Singapore (DBS Bank; A+/Stable/A-1) of the 12.7% minority shares in DBS Group Holdings (Hong Kong) Ltd. (DBS HK), which in turn wholly-owns DBS Kwong On Bank Ltd. (DKOB), affects Standard&Poor's ratings on DBS Bank. DBS Bank accounts for the bulk of the DBSH group in terms of assets, revenue and profit. DBSH's earnings fall in first quarter 2002) was chiefly the result of larger loan-loss provisioning and the amortization of goodwill charges arising from the acquisition of Dao Heng Bank Ltd. (A-/Stable/A-2) in 2001. Standard&Poor's normal rating methodology conservatively deducts all goodwill
