OREANDA-NEWS. Fitch Ratings has assigned DBS Bank Ltd.'s (DBS) USD10m 30-year zero coupon callable notes due July 2046 (ISIN: XS1433504013) a Long-Term Rating of 'AA - '. The notes were issued under the bank's USD5bn 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 unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in DBS's IDR, which is driven by its Viability Rating of 'aa-'.

While the tenor of the notes is 30 years, the bank has the option to redeem the notes on every anniversary of the issue date. The optional redemption dates can, however, be postponed to a date such that they fall on a business day.

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-'