Moody’s rates Oversea-Chinese notes Aa1

Moody's Investors Service said it assigned an Aa1 rating to Oversea-Chinese Banking Corp. Ltd.'s drawdown of HK$1.4 billion senior unsecured fixed-rate notes due September 2020.

The outlook is stable.

The agency said the rating is based on the bank's a1 baseline credit assessment and three notches of uplift due to the very high likelihood it will receive systemic support from the Singapore government (Aaa stable) in times of need.

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