SINGAPRE (Standard&Poor's) June 27, 2003--Standard&Poor's Ratings Services said today that the recent announcement by DBS Group Holdings Ltd.'s (DBSH) on the restatement of its first-quarter 2003 capital-adequacy ratios does not affect Standard&Poor's A+/Stable/A-1 ratings on DBSH's wholly owned subsidiary Development Bank of Singapore (DBS). DBS Bank accounts for the bulk of the DBSH group in terms of assets, revenues, and profit. DBSH's announcement relates to the exclusion of certain off-balance-sheet risk-weighted assets in the calculation of its capital-adequacy ratio figures for first-quarter 2003, which caused DBSH's total capital-adequacy ratio to decline to 14.5% from 15.1%--a movement that, nevertheless, has no material impact on the bank's capitalization.
