Moody's could cut DBS Bank, affirms Danamon

Moody's Investors Service said it placed all of DBS Bank's ratings on review for downgrade.

At the same time, Moody's affirmed all of Bank Danamon Indonesia Tbk.'s ratings.

On April 2, DBS Group announced that it will purchase up to 99% of the shares in Danamon for S$9.1 billion: 67.37% from Temasek Holdings for S$6.2 billion to be funded from a new issuance of DBS Group Holdings shares; and 31.63% from Danamon's current minority shareholders for an amount of up to S$2.9 billion, which DBS Group Holdings intends to fund from internal cash resources and senior debt issuance.

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