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BULLETIN: DBS Bank Raises Stake in Dao Heng Bank to 100% Jan 03
Standard & Poors, Jan 2003
Abstract
Standard & Poor's Ratings Services said today that The Development Bank of Singapore Ltd.'s (DBS Bank; A+/Stable/A-1) recent acquisition of the remaining 28.4% of Hong Kong's Dao Heng Bank Ltd. (DHB; A-/Stable/A-2), through wholly owned subsidiary, DBS Diamond Holdings Ltd., does not affect its ratings on DBS Bank. Standard & Poor's had already factored in this acquisition and its associated goodwill when DBS Bank initiated its initial acquisition of DHB. In accordance with Standard & Poor's normal rating methodology, all goodwill is conservatively deducted against equity when computing capitalization ratios. Based on DBS Group Holdings' (DBSH) financials for the period ended Sept. 30, 2002, the group's ratio of adjusted common equity-to-assets was 8.4%. DBS Bank accounts for the bulk of...
Companies mentioned in this report are: DBS Bank Ltd.,DBS Bank (Hong Kong) Ltd.
Action: S&P Event
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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