Moody's: Oversea-Chinese notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to Oversea-Chinese Banking Corp.'s proposed 10.5-year dollar-denominated subordinated notes due 2023, callable in 5.5 years.

The outlook is stable.

The notes will represent direct, unsecured, subordinated obligations of the bank. As such, Moody's said they are rated at Aa2, which is one notch below Oversea-China's long-term senior unsecured obligations rating of Aa1.

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