Moody’s rates Oversea-Chinese notes Aa1

Moody's Investors Service said it assigned its Aa1 foreign currency debt rating to the HK$1.35 billion fixed-rate senior unsecured notes due in September 2017 to be issued by Oversea-Chinese Banking Corp Ltd. (deposits Aa1 stable, bank financial strength rating B, stable/baseline credit assessment aa3).

The notes will be issued under Oversea-Chinese’s $10 billion global medium-term note program.

The outlook is stable.

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 case of need.

Moody’s said the assessment is among the highest assigned to any financial institution globally. This 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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