Fitch rates United Overseas securities BBB

Fitch Ratings said it assigned United Overseas Bank Ltd.'s S$500 million 4¾% noncumulative nonconvertible perpetual capital securities a final rating of BBB.

This follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on Nov. 11.

The securities are rated five notches below United Overseas Bank's aa- viability rating, comprising two notches for loss severity and three notches for non-performance risk, in accordance with Fitch's criteria.

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