(Editor's Note: In the press release sent on June 22, 2001, the bid offer for each OUB share was misstated. A correct version follows.) NEW YORK (Standard&Poor's CreditWire) June 25, 2001--Standard&Poor's today affirmed its long-term counterparty credit and debt ratings on the Development Bank of Singapore Ltd. (DBS Bank) and removed them from CreditWatch, where they were placed with negative implications on April 11, 2001. The short-term counterparty credit rating on DBS Bank is affirmed. The outlook is stable. The rating actions follow Standard&Poor's thorough review of the proposed capital structure of the bank to a level commensurate with DBS Bank's likely risk profile. These ratings were initially placed on CreditWatch following DBS Bank's
