Moody’s rates Oversea-Chinese Banking notes Aa1

Moody’s Investors Service said it assigned an Aa1 rating to Oversea-Chinese Banking Corp. Ltd.’s drawdown of A$400 million senior unsecured floating-rate notes due 2018.

The notes are to be issued through the bank’s Sydney Branch under its multi-currency $10 billion global medium-term note program.

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 from the Singapore government in the event of a need, Moody’s said.

The ratings reflect the bank’s steady financial performance and conservative risk profile, the agency said.

The bank has traditional and dominant franchises in banking and insurance in Singapore, benefiting from healthy asset quality, sound liquidity and steady earnings, Moody’s said.

© 2015 Prospect News.
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