SINGAPORE (Standard&Poor's) Jan. 29, 2004--Standard&Poor's Ratings Services today affirmed its 'A+' long-term credit ratings and 'A-1' short-term credit ratings on Singapore's DBS Bank Ltd. (DBS Bank). The outlook on the long-term rating remains stable. The affirmation follows DBS Bank's recent announcement, after signing a Memorandum of Understanding, that it will merge its 51.7%-owned Thai subsidiary, DBS Thai Danu Bank PCL (DTDB) with Thai Military Bank PCL (TMB; Bpi). The proposed merger is subject to approvals from the relevant local authorities as well as shareholders of TMB and DTDB. The proposed merger structure is a tender offer by TMB for all the shares of DTDB in exchange for new TMB shares; it does not involve additional cash
