SINGAPORE (Standard&Poor's) Sept. 22, 2004--Standard&Poor's Ratings Services today assigned its 'A-' rating to DBS Bank Ltd.'s (A+/Positive/A-1) proposed subordinated notes issue due 2019 callable with step-up in 2014. The exact amount of the notes will be determined at placement. The proposed subordinated notes will rank: --Junior to the claims of senior creditors (including depositors), but will rank senior to all share capital of DBS Bank and other Tier 1 capital securities (if any) permissible under local regulatory definitions. --Pari passu with DBS Bank's existing US$750 million 7.875% subordinated notes (due 2009; rated 'A-'), US$500 million 7.875% subordinated notes (due 2010; rated 'A-'), and US$850 million 7.125% subordinated notes (due 2011; rated 'A-'), and with all present
