Moody's rates Oversea-Chinese notes Aa1

Moody's Investors Service said it assigned an Aa1 rating to Oversea-Chinese Banking Corp. Ltd.'s proposed drawdown of Australian dollar benchmark senior floating-rate notes.

The notes will be issued through Oversea-Chinese's Sydney Branch under its multicurrency $10 billion global medium-term note program, will have a three-year maturity and will be listed on the Singapore Exchange.

The outlook is stable.

Moody's said the rating is based on the group's aa3 baseline credit assessment and the very high likelihood of systemic support in the event of a crisis.

Oversea-Chinese's baseline credit assessment of aa3 is among the highest assigned to any financial institution globally. This rating is driven by the bank's traditional and dominant franchises in banking and insurance in both Singapore and Malaysia, its strong level of capitalization and healthy asset quality, sound access to liquidity and steady earnings, Moody's said.

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