SINGAPORE (Standard&Poor's) Nov. 23, 2001--Standard&Poor's today affirmed its ratings on the Development Bank of Singapore (DBS Bank), including its 'A+'/'A-1' counterparty credit ratings, following a Singapore dollar (S$) 1.975 billion (US$1.1 billion) equity injection and S$2.8 billion collateralized loan obligation (CLO). The outlook is stable. Equity Injection. DBS Group Holdings Ltd. (DBSH) on Nov. 21, 2001 subscribed S$1.975 billion in ordinary shares in wholly owned DBS Bank. This is viewed by Standard&Poor's as a positive development in shoring up the bank's financial profile, given the adverse economic environment. The current economic recession in Singapore and sharp economic slowdown through the Asian region will see banks in Asia face new problem loans. In DBS Bank's
