Moody's gives Oversea-Chinese program A2

Moody's Investors Service said it assigned a provisional A2 rating to the amended subordinated notes component of Oversea-Chinese Banking Corp.'s existing $10 billion medium-term note program.

Oversea-Chinese (deposits Aa1 review for downgrade, BFSR B/ BCA aa3 review for downgrade) is currently on review for downgrade.

The terms and conditions of the medium-term note program have been revised to incorporate basel III compliant non-viability language, allowing future subordinated debt drawdowns to be considered as tier 2 capital, in accordance with the Monetary Authority of Singapore (MAS) Notice 637.

The provisional program ratings are positioned two notches below Oversea-Chinese's aa3 adjusted baseline credit assessment, in line with Moody's standard notching guidance for subordinated debt with loss triggered at the point of non-viability on a contractual basis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.