Following a review of DBS Bank Ltd. (DBS) of Singapore and its core subsidiary, DBS Bank (Hong Kong) Ltd. (DBSHK), under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our ratings on both entities at 'AA-/A-1+'. The outlook on the long-term ratings is stable. Our ratings reflect the bank's 'bbb+' anchor, "strong" business position, "adequate" capital and earnings, "adequate" risk position, "above-average" funding, and "strong" liquidity. The long-term rating on DBS benefits from a two-notch uplift for potential government support in a crisis. The stable outlook reflects our view that DBS will continue to have "high systemic importance" in Singapore. As we previously announced, on Dec. 1, 2011, Standard&Poor's Ratings Services affirmed
