Moody's rates United Overseas Bank bonds Aa1

Moody's Investors Service said it assigned an Aa1 rating to United Overseas Bank Ltd.'s proposed issuance of dollar-denominated five-year senior unsecured bonds.

The outlook is stable.

The proposed notes will be issued pursuant to the bank's S$5 billion euro medium-term note program.

The proposed bonds represent direct, senior, unsubordinated and unsecured obligations of the bank.

As such, they have the same rating as the bank's long-term deposits of Aa1, Moody's said.

The bank also has long-term and short-term deposits ratings of Aa1/prime-1, long-term senior unsecured debt rating of Aa1, regular subordinated debt rating of Aa2, junior subordinated debt rating of A1(hyb), preference shares rating of A3(hyb), senior unsecured euro medium-term notes rating of provisional Aa1 and provisional prime-1 and lower tier II capital qualifying subordinated euro medium-term notes rating of provisional Aa2.

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