Fitch: DBS Bank notes AA-(emr)

Fitch Ratings said it assigned a rating of AA-(emr) to DBS Bank Ltd.'s $50 million 20-year callable range accrual notes due Sept. 5, 2037.

The notes are fully principal-protected in that only the coupon stream is subject to market risk, Fitch explained.

The notes are rated at the same level as the bank's long-term issuer default rating as they constitute its direct, unsecured and unsubordinated obligations and rank equally with all its other unsecured, unsubordinated obligations, the agency said.

The rating on the notes is sensitive to changes in the bank's issuer default rating, which is driven by its viability rating of AA-, Fitch said.

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