Credit Profile

DBS is one of the highest rated banking groups in Asia. Our largest operations are in Singapore, the only triple-A city in the region. We have a proven earnings track record, and we are among the strongest banks regionally in liquidity, funding and capital metrics.

> Learn more in our fixed income investor presentation

Funding structure

We have two main issuing entities:

• DBS Group Holdings Ltd (DBSH) is the non-operating holding company of DBS Bank Ltd. and primarily issues benchmark senior and capital (under Basel III)
• DBS Bank Ltd. (DBS Bank) is our main operating entity and primarily issues commercial paper, senior and capital private placements and covered bonds

DBSH Aa2/AA- | Annual reports		> Capital > Senior benchmarks > Commercial paper
DBS Bank AA-/Aa1/AA- | Annual accounts		> MTN private placements > Commercial paper > Covered
Subsidiaries Ratings | Annual accounts		> Local market issuances