Fitch rates DBS Bank subordinated debt A+

Fitch Ratings said it has assigned a long-term rating of A+ to Singapore-based DBS Bank's issue of about S$500 million subordinated bonds due 2021, callable with step-up in 2016.

The rating on the issue is one notch lower than DBS' long-term foreign currency issuer default rating of AA- and is in accordance with Fitch's criteria of rating subordinated debt instruments of financial institutions.

This issue will rank pari passu with all existing and future subordinated debt of DBS on a consolidated basis, which qualifies for upper tier 2 capital, but will be subordinated to the claims of senior creditors and will rank senior to all share capital of the bank and its tier 1 securities.

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