HONG KONG (Standard&Poor's) Aug. 6, 2012--Standard&Poor's Ratings Services today assigned its 'A+' issue rating to the proposed issue of subordinated notes due 2023 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 long-term issuer credit rating on DBS Bank, reflecting the subordinated position of the notes. The Singapore dollar-denominated notes will constitute direct, unsecured, and subordinated obligations of the bank. The bank has the option to redeem early. RELATED RESEARCH AND CRITERIA Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
