S&P rates DBS Bank notes A

Standard & Poor's said it assigned its A rating to DBS Bank Ltd.'s (AA-/stable/A-1+) proposed subordinated notes issue due 2021.

The agency added that the notes are callable with step-up in 2016 and the exact amount of the issue will be determined at placement.

Except in the event of a winding up of DBS Bank, payments of interest on the notes are conditional on DBS Bank being solvent at the time of such payments and immediately thereafter and S&P said it will recognize equity capital credit for this proposed issue.

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