Moody's rates United Overseas Bank renminbi bonds Aa1

Moody's Investors Service said it assigned a provisional Aa1 rating to the offshore renminbi-denominated three-year senior bonds of United Overseas Bank Ltd. The bank's other ratings include an Aa1 senior debt rating, an Aa2 subordinated debt rating (placed under review for possible downgrade on June 3), an A1(hyb) junior subordinated debt rating and an A3(hyb) preference share rating. The outlook is stable.

The agency said the ratings are supported by the bank's share of almost 20% of the total deposits and loans in Singapore's banking system at the end of 2012, the bank's strong capital position and the very high likelihood of systemic support for the bank in the event of a crisis.

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