DBSH's 2 senior unsecured debt rating is in line with DBSH's issuer rating of 2 and reflects the good credit profile of DBSH's banking subsidiary, DBS Bank Ltd.
The ratings account for DBSH's status as a financial holding company.
The medium-term note programmes, senior notes and commercial paper programmes are rated at the same levels as the Long-Term and Short-Term IDRs of banks and DBSH. This is because such instruments constitute direct, unsubordinated and unsecured obligations of the entities, and rank equally with all their other unsecured and unsubordinated obligations.
There is limited scope for upward rating action on the Viability Ratings and IDRs of the three Singapore banks and DBSH as they are already among the highest of banks rated by Fitch globally.
DBS Bank is the sole directly held operating subsidiary of DBSH.
program ratings of (P)Prime-1 are in line with DBSH's issuer rating of
The ratings on the medium-term note programme, senior notes and commercial paper programmes are the same as the banks' and DBSH's respective Long-Term and Short-Term IDRs.
There is limited scope for upward rating action on the VRs and IDRs of the three Singapore banks and DBSH as they are already among the highest of banks rated by Fitch globally.
B1 (hyb) rating to DBS Group Holdings Ltd's (DBSH) proposed issuance of
event for DBSH would most likely be triggered by or be concurrent with a
In the tender offer announced on 7 November 2013, the Holders were asked to opt for an initial distribution rate of the Capital Securities at which they were willing to tender their Existing Preference Shares for purchase by DBSH. This first-of-its kind tender offer was designed to help the DBS Group transition to the new Basel III regulatory capital rules, under which the Existing Preference Shares no longer fully qualify as Tier 1 capital of DBS Bank.
As at the close of the tender offer at 5 p.m., Singapore time, on 21 November 2013, applications amounting to approximately SGD 1.1 billion had been received, exceeding DBSH s target size of SGD 800 million.