S&P assigns Dah Sing Bank notes BBB

Standard & Poor's said its BBB issue credit rating to the proposed $150 million subordinated notes by Dah Sing Bank Ltd. (BBB+/stable/A-2).

The issue is part of a $1 billion medium-term note program, the agency said, adding that the issue rating is one notch below the level of the long-term counterparty credit rating on the bank, reflecting the subordinate status of the notes.

The issue is due June 2016 and is callable in June 2011 with an interest rate step-up feature if not redeemed, S&P added.

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