Moody's assigns Oversea-Chinese notes Aa1

Moody's Investors Service said it assigned its Aa1 foreign currency debt rating to the £250 million floating-rate senior unsecured notes due 2017 issued by Oversea-Chinese Banking Corp. Ltd.

The notes were issued under OCBC's $10 billion global medium-term note program.

The notes are on review for downgrade, in line with the review for downgrade on OCBC's long-term ratings.

Moody's said the Aa1 senior unsecured debt rating is based on OCBC's aa3 baseline credit assessment and the very high likelihood of systemic support in the event of a crisis.

OCBC's aa3 baseline credit assessment is among the highest assigned to any financial institution globally. Moody's said this high assessment 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.

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