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Moody’s lifts UOB securities
Moody's Investors Service said it upgraded United Overseas Bank Ltd.’s ratings of additional tier 1 non-viability contingent capital securities, following the July 16 publication of its updated Global Banks Rating Methodology.
The revised methodology includes Moody's new framework for rating 'high trigger' bank contingent capital securities (CoCos) and revisions to its existing framework for rating non-viability CoCos. The agency had said rating upgrades would likely accompany the revision of the methodology when it requested comment on the revisions on May 1.
As a result of the revisions to the framework for rating non-viability securities, Moody’s said it is now positioning the additional tier 1 ratings at each bank's adjusted baseline credit assessment minus three notches resulting in a one-notch upgrade in most cases. The agency previously positioned these ratings at adjusted baseline credit assessment minus four notches.
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