Moody's gives Dah Sing Bank notes Baa1

Moody's Investors Service said it gave a Baa1(hyb) foreign-currency rating to Dah Sing Bank, Ltd.'s planned 10-year dollar-denominated subordinated notes with point of non-viability loss absorption feature qualifying as tier 2 capital.

The tier 2 subordinated notes will be drawn down under Dah Sing’s $2 billion euro medium term note program.

“The assigned Baa1(hyb) rating reflects (1) Dah Sing Bank's adjusted baseline credit assessment (BCA) of a3; (2) Moody's advanced loss given failure (LGF) analysis, resulting in a one-notch downward adjustment from the bank's Adjusted BCA; and (3) Moody's assumption of a low probability of government support for loss-absorbing instruments, resulting in no uplift,” the agency said in a press release.

The outlook is stable.

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