Moody's affirms Oversea-Chinese

Moody's Investors Service said it affirmed the ratings of Oversea-Chinese Banking Corp. after it announced plans to purchase a 12.2% stake in Ningbo Commercial Bank.

The ratings affirmed include OCBC's B financial strength rating, as well as its Aa3/Prime-1 deposit and senior debt ratings.

The outlook is stable.

Moody's said that the affirmation reflects both the small cost of the stake and the good condition of Ningbo Commercial Bank.

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