Moody’s assigns DBS notes A2 (hyb)

Moody's Investors Service said it assigned an A2 (hyb) rating to DBS Group Holdings Ltd.'s issuance of S$250 million subordinated notes.

The notes will be issued pursuant to DBS' $30 billion global medium-term note program.

The A2 (hyb) rating is positioned two notches below the aa3 adjusted baseline credit assessment of DBS Bank Ltd. – the main operating subsidiary of DBS – in line with Moody's standard notching guidance for subordinated debt, with loss triggered at the point of non-viability on a contractual basis.

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