Moody's: Oversea-Chinese commercial paper at P-1

Moody's Investors Service said it assigned a P-1 rating to Oversea-Chinese Banking Corp. Ltd.'s $5 billion commercial paper program.

The outlook is stable.

The P-1 rating reflects both the structure of the proposed issue and Oversea-Chinese's Aa1 long-term deposit ratings, the agency said.

The program allows the company to issue senior unsecured commercial paper notes with a tenor of up to 270 days, the agency added.

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