Moody's rates Oversea-Chinese Banking notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the proposed dollar-denominated subordinated notes due 2022 and callable without step-up in 2017 to be issued by Oversea-Chinese Banking Corp. Ltd.

The outlook is stable.

The notes represent direct, unsecured and subordinated obligations of the bank, Moody's said, so they are rated one notch below the Aa1 rating on the bank's senior obligations.

The bank's also has an Aa1/prime-1 on its long-term/short-term deposits, prime-1 on its commercial paper, Aa2 on its regular subordinated debt, A1 on its junior subordinated debt and A3 on the preference shares.

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