Moody’s: United Overseas Bank securies Baa1 (hyb)

Moody's Investors Service said it assigned a Baa1 (hyb) rating to the dollar-denominated perpetual capital securities to be issued by United Overseas Bank Ltd. (deposits Aa1 stable, BCA a1) under its S$15 billion euro medium term-note program.

The Baa1 (hyb) rating is based on Moody's previously assigned provisional Baa1 rating to the AT1 component of the program.

Moody’s said the Baa1(hyb) rating is positioned three notches below the a1 adjusted baseline credit assessment (BCA) of United Overseas Bank, in line with the agency’s standard notching guidance for contractual non-viability preferred securities with optional, non-cumulative distribution-skip mechanism.

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