SINGAPORE (Standard&Poor's) June 28, 2013--Standard&Poor's Ratings Services today assigned its 'BBB+' long-term issue rating to new Tier 2 notes under the US$15 billion medium-term notes (MTN) program of DBS Bank Ltd. (DBS: AA-/Stable/A-1+; axAAA/axA-1+). We also withdrew our 'A+' rating on the "old style" lower Tier 2 notes under the MTN program. At the same time, we affirmed the long-term 'AA-' issue rating on DBS' senior unsecured notes and the long-term 'A+' issue rating on the "old style" Tier 2 notes that have already been issued under the MTN program. To comply with the Monetary Authority of Singapore's Notice 637 effective Jan. 1, 2013, future Tier 2 notes will incorporate a non-viability loss-absorbing feature. We rate
