SINGAPORE (Standard&Poor's) July 4, 2006--Standard&Poor's Ratings Services said today it assigned its 'A' rating to Singapore's DBS Bank Ltd.'s (AA-/Stable/A-1+) proposed S$500 million subordinated notes issue due 2021. These notes are callable with step-up in 2016. The proposed subordinated notes will rank: --Junior to the claims of senior creditors, including depositors, but will rank senior to all share capital of DBS Bank and other Tier-1 capital securities permissible under local regulatory definitions. --Pari passu with DBS Bank's existing US$750 million subordinated notes due 2009 (A), US$500 million subordinated notes due 2010 (A), US$850 million subordinated notes due 2011 (A), US$750 million subordinated notes due 2019 (A), US$900 million subordinated notes due 2021 (A), and with all
