SINGAPORE (Standard&Poor's CreditWire) July 29, 1999--Standard&Poor's today assigned its single-'A'-minus long-term rating to The Development Bank of Singapore Ltd.'s (DBS Bank) proposed medium-term subordinated notes. The differential between the rating on the notes and the single-'A'-plus long-term counterparty credit rating assigned to DBS Bank reflects the subordinated status of the notes and the ability of the bank to defer payments on the notes. Payments of interest on the notes are subject to deferral in certain circumstances if DBS Bank has not paid or determines not to declare or pay dividends on its share capital. Except in a winding up of DBS Bank, payments of principal and interest on the notes are conditional to the extent that
