Moody's assigns Oversea-Chinese bonds Aa2

Moody's Investors Service said it assigned a Aa2 rating to Oversea-Chinese Banking Corp. Ltd.'s proposed Ringgit-denominated subordinated bonds, due 2018, callable with step-up in 2013.

The outlook is stable.

The bonds, which are intended to qualify for lower tier II capital treatment pursuant to the relevant regulations, represent direct, unsecured and subordinated obligations of the bank, the agency said.

As such, they are rated Aa2, one notch below Oversea-Chinese's senior obligations at Aa1, the agency noted.

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