S&P: United Overseas securities BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating and axA long-term Asean regional scale rating to the Singapore dollar-denominated tier-1 perpetual capital securities issued by United Overseas Bank Ltd.

The securities are rated three notches below United Overseas Bank's stand-alone credit profile of A-.

S&P said the rating reflects: The securities' risk of subordination; United Overseas Bank's full discretion to cancel any periodic dividend payments; and a non-viability clause that requires the bank to permanently write down the securities, partly or fully, if a loss-absorption event occurs.

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