S&P rates United Overseas Bank notes BBB

Standard & Poor's said it assigned an unsolicited BBB long-term issue rating to Basel III-compliant tier 2 notes issued by United Overseas Bank Ltd. as part of its existing S$15 billion euro medium-term notes program.

The agency said it rates these tier-2 notes two notches below the bank’s stand-alone credit profile of A- due to the risk of subordination and a contingency clause under which they may be written down if a non-viability trigger is activated, S&P said.

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