Moody's: DBS Group notes Aa2

Moody's Investors Service said it assigned an Aa2 foreign-currency debt rating to the $500 million senior unsecured notes drawdown issued by DBS Group Holdings Ltd. from its $30 billion global medium-term note program.

DBS Holdings will allocate the proceeds toward the financing of green projects or assets as described under the eligibility criteria in the DBS green bond framework, Moody's said.

This issuance marks DBS Holdings' first green bond issuance, the agency said.

The bonds will have a maturity of five years, Moody's said, and will be listed on the Singapore Stock Exchange.

The outlook is stable.

Moody's said it the company's Aa2 senior unsecured debt rating is in line with its issuer rating of Aa2.

The Aa2 rating reflect that the notes constitute unconditional, unsubordinated and unsecured obligation and rank pari passu with the company's other senior unsecured obligations, the agency said.

The rating on the notes also is based on the executed pricing supplement and the company's notes program, Moody's said.

The ratings reflect the good credit profile of DBS Holdings' banking subsidiary, DBS Bank Ltd., which is the sole directly held operating subsidiary of DBS Holdings, the agency said.

The ratings also consider its status as a financial holding company of DBS Group, Moody's said.

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