Fitch affirms DBS Bank

Fitch Ratings said it affirmed DBS Bank Ltd.'s long-term issuer default rating at AA-, short-term issuer default rating at F1+, individual rating at B and support rating at 1.

The outlook remains stable.

The ratings reflect its progressive management, consistent profitability, good capital adequacy, sound asset quality, Fitch said, and its position as an integral part of Singapore's DBS Bank, which has an issuer default rating of AA-.

The reduction in the bank's net interest income amid intense competition and abundant liquidity in the banking system was partially offset by a sharp increase in strong fee income growth from wealth management sales, the agency said.

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