Solid franchise in the core Singapore market Superior liquidity profile Strengthened financial flexibility Loan quality under pressure The ratings on DBS Bank Ltd. reflect the bank's solid franchise in the Singapore market, where it is the largest bank in terms of consolidated as well as domestic assets. We also recognize the bank's outstanding liquidity profile, strong financial flexibility, and sound capitalization. These factors are counterbalanced by the deteriorating loan quality, especially from the bank's exposures outside Singapore. DBS Bank's exceptional franchise in Singapore offers it superior liquidity and funding profile. DBS Bank benefits from its strong customer deposit base, which is half represented by the low-cost current and savings accounts, and maintains the lowest loan-to-deposit ratio among local peers. We
