Fitch rates DBS Bank shares A+

Fitch Ratings said it assigned a long-term rating of A+ to DBS Bank Ltd.'s proposed issue of Singapore dollar non-cumulative non-convertible non-voting guaranteed preference shares, callable with step-up in 2018.

The rating is one notch below the bank's long-term foreign-currency issuer default rating of AA- and is in accordance with Fitch's criteria of rating hybrid securities and preference shares of financial institutions.

The shares will be issued by the bank's special purpose vehicle, which will channel the net proceeds to DBS Bank to strengthen the bank's capital base and to support growth.

Fitch said the ratings do not directly address any risk other than credit risk and that the price of securities may fluctuate as they are to be listed.

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