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Fitch assigns AAA to DBS bonds
Fitch Ratings said it assigned DBS Bank Ltd.'s £500 million of series 1 mortgage covered bonds an AAA rating. DBS Bank Ltd. London Branch will issue the bonds.
The floating-rate bonds are due in November 2026 and benefit from a 12-month extendable maturity.
“The AAA rating of the mortgage covered bonds is based on DBS' long-term issuer default rating (IDR) of AA-, the various uplifts above the IDR granted to the program and the over-collateralization protection provided through the program's asset percentage (AP),” Fitch said in a press release.
The outlook is stable.
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