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 dollar-denominated subordinated notes due 2019, callable with step-up in 2014. The rating is subject to receipt of final documents.

The outlook is negative.

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

The ratings also incorporate the high probability of systemic support if needed, given the bank's high national market share and relative importance to Singapore's financial system, Moody's said.

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