Fitch rates United Overseas Bank notes AA-

Fitch Ratings said it assigned an expected rating of AA- to United Overseas Bank Ltd.’s proposed dollar-denominated senior unsecured 5.5-year fixed-rate notes.

The notes will be issued under the bank’s S$10 billion euro medium-term note program and the proceeds are to be used for general corporate purposes.

The notes are rated at the same level as the bank’s AA- long-term issuer default rating, the agency said. The bank also has a short-term issuer default rating of F1+ and viability rating AA-.

This is because the notes will constitute direct, unsecured and unsubordinated obligations of the bank and will rank equally with all its other unsecured and unsubordinated obligations, Fitch said.

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