Moody’s rates Oversea-Chinese Banking notes Aa1

Moody’s Investors Service said it assigned an Aa1 foreign-currency debt rating to the $100 million floating-rate senior unsecured notes due in January 2016 issued by Oversea-Chinese Banking Corp. Ltd.

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

The outlook is stable.

The Aa1 senior unsecured debt rating is based on the bank’s Aa3 baseline credit assessment and the very high likelihood of systemic support in case of need, Moody’s said.

The ratings are driven by the bank’s traditional and dominant franchises in banking and insurance in both Singapore and Malaysia, the agency said, along with its strong level of capitalization and healthy asset quality, sound access to liquidity and steady earnings.

© 2015 Prospect News.
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