Fitch rates DBS notes AA-

Fitch Ratings said it assigned DBS Group Holdings Ltd.'s proposed dollar-denominated senior unsecured notes an expected rating of AA-(EXP).

The notes will be issued under the joint $15 billion global medium-term note program that the entity shares with its fully owned subsidiary, DBS Bank Ltd. (AA-/stable/F1+).

According to the agency, the notes are rated at the same level as DBS Group’s AA- long-term issuer default rating. This is because the notes constitute direct, unsubordinated and unsecured obligations of the group.

The company intends to use the net proceeds for its finance and treasury activities, including the provision of intercompany loans, or other forms of financing, to DBS Bank and its subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.