Research Update: DBS Bank (Taiwan) Ltd. Assigned 'A+/A-1' Ratings; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
DBS Taiwan is a newly established, 100%-owned bank subsidiary of Singapore-based DBS Bank Ltd. group. We believe there is a high degree of implicit financial support from the bank's parent in times of need, due to the bank's highly strategic group status. We are assigning our 'A+' long-term and 'A-1' short-term counterparty credit ratings on DBS Taiwan based on Standard & Poor's revised bank criteria (published on Nov. 9, 2011). We are also assigning our 'cnAAA' long-term and 'cnA-1+' short-term Greater China credit scale ratings. The stand-alone credit profile (SACP) of DBS Taiwan is 'bbb-'. This reflects the bank's 'bbb' anchor and our view of its moderate business position, strong capital and earnings, moderate risk position, average funding, and adequate...

Companies mentioned in this report are: DBS Bank (Taiwan) Ltd.,DBS Bank Ltd.
Action: New Rating
Action: Outlook: Stable

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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

DBS Bank (Taiwan) Ltd.,DBS Bank Ltd.

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