Moody's rates Oversea-Chinese Banking notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to Oversea-Chinese Banking Corp. Ltd.'s proposed Singapore-dollar denominated fixed-rate subordinated notes, due 2017, callable with step-up in 2012.

The notes represent direct, unsecured and subordinated obligations of the bank. As such, they are rated Aa2, one notch below the bank's senior obligations at Aa1. The rating is subject to receipt of final documents.

The bank's other ratings include a senior unsecured debt rating of Aa1, junior subordinated debt rating of Aa2, short-term deposit and commercial paper rating of Prime-1 and preference share rating of Aa3. The outlook is stable.

The ratings derive from the bank's strong financial fundamentals, as well as its entrenched position in its home market of Singapore, Moody's said.

In addition, the ratings incorporate a very high probability of systemic support, if needed, given the bank's high national market share, the agency said.

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