Fitch assigns AA- to DBS Group notes

Fitch Ratings said it assigned DBS Group Holdings Ltd.'s (AA-/stable) senior unsecured notes a rating of AA-.

The securities will be the first green bonds to be issued by a Singapore banking group.

Net proceeds will be used for DBS' finance and treasury activities, and are to be allocated toward financing green assets or projects that meet specific eligibility criteria, as described in the DBS Green Bond Framework.

DBS also agreed to certain green reporting obligations relating to the bond.

The bonds are issued under the group's global medium-term note program.

Fitch said the green bonds are rated at the same level as DBS' long-term issuer default rating of AA-, as they constitute direct, unsecured and unsubordinated obligations of DBS and rank equally with all its other unsecured, unsubordinated obligations.

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