SINGAPORE (Standard&Poor's) Aug. 31, 2007--Standard&Poor's Ratings Services said today that it has reviewed DBS Bank Ltd.'s (DBS; AA-/Stable/A-1+) exposure to CDOs and believes that it is unlikely to adversely impact the ratings on the bank. DBS' Singapore dollar (S$) 2.4 billion exposure to CDOs makes up only 1% of the bank's total assets and 12% of the bank's shareholders' equity as of June 30, 2007. This exposure comes in two forms: direct CDO investments and a likely credit exposure to ABCP conduit called Red Orchid Secured Assets Ltd. (ROSA). DBS' exposure to ROSA, in the form of liquidity support, exposed the bank primarily to additional credit risk from this conduit, to the extent that the underlying
