Moody's rates UOB's SGD subordinated notes Aa2

Moody's Investors Service says the rating outlook is stable.

The Aa2 rating is for United Overseas Bank Limited's proposed SGD subordinated notes under its SGD5 billion Euro Medium Term Note (EMTN) programme.

Moody’s notes that the proposed SGD notes represent direct, subordinated, and unsecured obligations of UOB. “In addition, the notes qualify as Lower Tier II capital of UOB. As such, they have the same rating as UOB's subordinated debt rating of Aa2,” explained Moody’s.

The methodology used in the rating is Moody's Consolidated Global Bank Rating Methodology published in June 2012.

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