Fitch rates United Overseas Bank notes A+

Fitch Ratings said it assigned an expected rating of A+ to United Overseas Bank's proposed dated subordinated notes, which will be issued under the bank's S$5 billion euro medium-term notes program.

The notes are rated one notch below the bank's AA- long-term foreign-currency issuer default rating.

The subordinated notes will qualify as lower tier 2 capital of the bank and will represent direct, subordinated and unsecured obligations of the bank, Fitch said.

In addition, holders of the subordinated notes will be subordinated to claims of senior creditors although they will rank senior to all share capital, tier 1 and upper tier 2 capital instruments of the bank, the agency said.

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