Fitch rates DBS Bank notes AA-

Fitch Ratings said it assigned AA- long-term ratings to DBS Bank Ltd.'s 30-year zero coupon callable notes due 2043.

The notes were issued in two tranches of $30 million and $20 million on Jan. 17 and May 22, respectively. The notes were issued under DBS's $3 billion structured note program.

The notes are rated at the same level as DBS Bank's AA- long-term issuer default rating. This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, the agency said, and rank equally with all its other unsecured and unsubordinated obligations.

The bank also has a short-term issuer default rating of F1+ and viability rating of AA-.

The proceeds will be used for general corporate purposes. While the tenor of the notes is 30 years, the bank has the option to redeem the notes on every anniversary of the respective issue dates, Fitch said.

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