HONG KONG (Standard&Poor's) Feb. 13, 2012--Standard&Poor's Ratings Services today assigned its 'A+' issue rating to the subordinated notes due 2022 to be issued by DBS Bank Ltd. (AA-/Stable/A-1+; axAAA/axA-1+). The issue would be a drawdown under the bank's US$15 billion global medium-term notes program. The issue rating on the notes is one notch below the issuer credit rating on DBS Bank--reflecting the notes' subordinated position. The notes will be denominated in Singapore dollars. They constitute direct, unsecured, and subordinated obligations of DBS Bank. The notes have a maturity of ten years and the bank has the option to redeem early. RELATED CRITERIA AND RESEARCH Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Bank Hybrid Capital Methodology
