HONG KONG (Standard&Poor's) Nov. 10, 2010--Standard&Poor's Ratings Services said today that it had assigned its 'A' issue rating to the proposed issue of 4.70% preference shares by DBS Bank Ltd. (AA-/Stable/A-1+; ASEAN scale axAAA/axA-1+). The proposed shares are non-cumulative, non-convertible, and non-voting, and are callable after 10 years. DBS will mainly use the proceeds from this proposed issue, together with the Singapore dollar (S$) 1.7 billion it raised from another preference share issuance last month, to redeem S$2.1 billion in outstanding preference shares issued by the bank and its subsidiaries when they become callable in 2011. The proposed preference shares would be junior to the claims of all other creditors and senior to those of only
