The parent of Singapore-based bank DBS has announced its plan to acquire a majority stake in PT Bank Danamon Indonesia. We believe the proposed acquisition will have a limited immediate impact on the credit profiles of DBS and its core subsidiary, DBSHK. We are affirming our 'AA-/A-1+' ratings on DBS and DBSHK. The stable outlooks on the ratings reflect our belief that DBS will maintain its high systemic importance in Singapore and that its stand-alone credit profile will stay within the 'a' category over the next two years. On April 3, 2012, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term issuer credit ratings on Singapore-based DBS Bank Ltd. (DBS) and its core subsidiary, DBS Bank (Hong
