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BULLETIN: DBS Bank Ratings Unaffected By Goodwill Write-Off Feb 06
Standard & Poors, Feb 2006
Abstract
SINGAPORE (Standard & Poor's) Feb. 21, 2006--Standard & Poor's Ratings Services said today the ratings and outlook on Singapore's DBS Bank Ltd. (DBS Bank; AA-/Stable/A-1+) are unaffected by its parent's, DBS Group Holdings (DBSH), reported fourth-quarter 2005 loss of Singapore dollar (S$) 441 million (US$271 million). DBS Bank accounts for the bulk of DBSH in terms of assets, revenues, and profit. The loss is largely due to writing off S$1.13 billion in goodwill related to DBS Bank's wholly owned subsidiary DBS Bank (Hong Kong) Ltd. This was despite a one-time S$303 million gain booked from a previously announced sale of office buildings in Singapore. Standard & Poor's does not assess DBS Bank (Hong Kong) Ltd. to be experiencing any additional...
Companies mentioned in this report are: DBS Bank Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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