Moody’s gives Oversea-Chinese notes Aa1

Moody's Investors Service said it assigned its Aa1 foreign currency debt rating to the £235 million floating-rate senior unsecured notes due in July 2015 issued by Oversea-Chinese Banking Corp. Ltd. (deposits Aa1 review for downgrade, bank financial strength rating of B review for downgrade / baseline credit assessment of aa3).

The notes were issued under Oversea-Chinese’s $10 billion global medium-term note program and will be listed on the Singapore Exchange Securities Trading Ltd.

The notes are on review for downgrade, in line with the review for downgrade on Oversea-Chinese’s long-term ratings.

Moody’s said the Aa1 senior unsecured debt rating is based on the company’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 is among the highest assigned to any financial institution globally. 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.

© 2015 Prospect News.
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