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 A$300 million senior unsecured floating-rate notes due March 2020.

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

The size of the transaction is yet to be determined by the issuer.

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.

This bank’s baseline rating is among the highest assigned to any financial institution globally, the agency said, reflecting its steady financial performance and conservative risk profile.

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.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.