Moody's rates DBS notes Aa1

Moody's Investors Service said it assigned an Aa1 rating to the five-year $1 billion senior unsecured fixed-rate notes to be issued by DBS Bank Ltd.

The bank's other ratings include an A1 on its junior subordinated debt, A3 on its preference share ratings, prime-1 on its short-term bank deposits and a bank financial strength rating of B.

The outlook is stable.

The proposed notes are being issued pursuant to the bank's $10 billion debt issuance program.

The ratings on the new notes reflect both the senior unsecured ranking of the proposed issue and the bank's long-term deposit ratings, Moody's said.

The ratings also consider the bank's well established domestic franchise and sound financial fundamentals, the agency said.

The ratings also incorporate a high likelihood of systemic support in the event of stress, given the bank's significant national market share and importance to Singapore's banking system, Moody's added.

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