Moody's rates Oversea-Chinese Banking notes Aa1

Moody's Investors Service said it assigned an Aa1 rating on the proposed A$600 million three-year senior unsecured floating-rate notes to be issued by Oversea-Chinese Banking Corp. Ltd., acting through its Sydney branch.

The outlook is stable.

The notes will be issued through the bank's $5 billion debt program.

The bonds represent direct, senior, unsubordinated and unsecured obligations of the bank and as such, they have the same rating as the bank's long-term deposits of Aa1, Moody's said.

The bank also has Aa1/prime-1 ratings on its long-term and short-term deposits, Aa1 rating on its senior unsecured debt, prime-1 rating on its commercial-paper rating, Aa2 rating on its regular subordinated debt and A3 (hyb) rating on the preference shares.

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