Aa2 stable) from its
The rating outlook is stable.
The rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents reviewed by Moody's.
DBSH's Aa2 senior unsecured debt rating is in line with DBSH's issuer rating of Aa2 and reflects the good credit profile of DBSH's banking subsidiary,
The ratings account for DBSH's status as a financial holding company. As a result of structural subordination, the senior unsecured debt rating of DBSH is one notch lower at Aa2 than the similar debt rating of
On a fully consolidated basis,
The ratings also reflect the low leverage evident at the DBSH standalone level, having reported a double-leverage ratio of 89% at the end of 2013, which indicates a surplus of equity over the amount required to fund investments in
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