The ratings on DBS Bank Ltd. (DBS Bank; formerly The Development Bank of Singapore Ltd.) are supported by its good banking franchise in the core Singapore market, and its sound liquidity and funding. The ratings on the bank are assessed on its own financial merits and do not incorporate any implicit government support. The bank's credit profile has been improving, reflecting ongoing efforts to curtail problem loans and a greater concentration of mortgage financing, which is less risky. The ratings also incorporate the bank's fairly significant presence in Hong Kong, primarily through wholly owned, DBS Bank (Hong Kong) Ltd. (DBSHK; A+/Stable/A-1), which is the fifth-largest bank there, with a 4.4% share of domestic system loans. DBS Bank's capitalization, although consistent
