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Moody’s applies Aa1 to OCBC notes
Moody's Investors Service said it assigned an Aa1 rating to Oversea-Chinese Banking Corp. Ltd.'s (OCBC) drawdown of A$600 million senior unsecured floating-rate notes due April 2021.
The notes will be issued through OCBC's Sydney Branch under its multicurrency $30 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 a1 baseline credit assessment (BCA), and three notches of rating uplift due to the very high likelihood OCBC will receive systemic support from the Singapore government (Aaa stable) in times of need.
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