Fitch Ratings has placed
The rating actions follow the placement of its
KEY RATING DRIVERS
IDRS AND SUPPORT RATING
DBSHK's IDRs and Support Rating reflect Fitch's view of an extremely high probability of extraordinary support from its parent DBS, if required. DBSHK's IDRs are equalised with those of DBS, as DBSHK plays an integral role in supporting its parent's expansion into greater
The single management team at DBSHK and DBS's
RATING SENSITIVITIES
IDRS AND SUPPORT RATING
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Positive rating action on the IDRs is unlikely given the RWN placed on DBSHK and its parent DBS.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
We will resolve the RWN upon the resolution of the RWN on parent DBS, which is expected in the next six months. Any negative rating action on DBS's IDRs and VR will lead to downgrade of DBSHK's IDRs. They could also be triggered if Fitch believes that the parent's propensity to support DBSHK has diminished because of strategic considerations, and it may affect the Support Rating if the change in propensity is significant. However, Fitch does not consider this to be likely in the medium term.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
RATING ACTIONS
ENTITY/DEBT RATING PRIOR
DBS Bank (Hong Kong) Limited LT IDR AA- Rating Watch On AA-
ST IDR F1+ Affirmed F1+
Support 1 Affirmed 1
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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