The announcement by DBS Group Holdings Ltd. (DBSH), the listed holding company of Development Bank of Singapore (DBS Bank; A+/Stable/A-1) that it will be issuing Singapore dollar (S$) 2.1 billion (US$1.17 billion) worth of common ordinary shares, will not have an impact on the ratings on DBS Bank. In the event that DBSH elects to inject the entire S$2.1 billion capital funds into the bank, DBS Bank's capitalization (as measured by adjusted common equity to adjusted assets based on pro forma figures as of end June 2001) is likely to reach about 5.3%. Standard&Poor's computes adjusted common equity and adjusted total equity after deducting all goodwill.
