Moody’s rates Oversea-Chinese floaters Aa1

Moody's Investors Service said it assigned its Aa1 rating to Oversea-Chinese Banking Corp Ltd.'s (OCBC) drawdown of A$300 million senior unsecured floating-rate notes due 2019.

The notes will be issued through OCBC's Sydney Branch under its multicurrency $10 billion global medium-term note program, and will be listed on the Singapore Exchange.

The outlook is stable.

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 from the Singapore government in the event of a need.

OCBC's aa3 baseline credit assessment is among the highest assigned to any financial institution globally. This rating 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 liquidity and funding profiles and good earnings, the agency said.

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