RPT-Fitch Rates DBS's Zero Coupon Callable Notes 'AA-'
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Aug 15 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned DBS Bank Ltd.'s (DBS) 30-year zero coupon callable notes due 2043 'AA-' Long-Term ratings. The notes were issued in two tranches of USD30m (ISIN XS0872751168) and USD20m (ISIN XS0933171901), on 17 January 2013 and 22 May 2013, respectively. The notes were issued under DBS's USD3bn structured note programme.
Key Rating Drivers
The notes are rated at the same level as DBS's 'AA-' Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations.
A change in DBS's IDR, presently on a Stable Outlook, will have a rating impact on the notes.
The proceeds from the notes are being used for DBS's general corporate purposes. While the tenor of the notes is 30 years, the bank has the option to redeem the notes on every anniversary of the respective issue dates. The optional redemption dates can, however, be postponed to a date such that they fall on a business day.
For more details on DBS's ratings and credit profile, see "Fitch Affirms Singapore's DBS, OCBC and UOB; Outlook Stable", dated 17 April 2013, and DBS's full rating report, dated 22 April 2013, available at www.fitchratings.com. DBS's other ratings are as follows:
- Long-Term IDR 'AA-'; Outlook Stable
- Short-Term IDR 'F1+'
- Viability Rating 'aa-'
- Support Rating '1'
- Support Rating Floor 'A-'
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