Moody’s: United Overseas Bank Sydney notes Aa1

Moody's Investors Service said it assigned an Aa1 rating to the A$300 million four-year senior unsecured floating-rate notes due April 6, 2021 issued by United Overseas Bank Ltd., Sydney Branch.

The notes are issued through UOB's Sydney Branch under United Overseas Bank Ltd.’s (UOB) S$15 billion euro medium-term note program and are expected to be listed on the Singapore Exchange.

The outlook is stable.

Moody’s said the Aa1 rating is in line with UOB's Aa1 foreign currency deposit rating and the provisional Aa1 domestic currency rating assigned to the euro medium-term note program.

The notes constitute a direct, senior, unsubordinated and unsecured obligation of UOB, and rank pari passu with UOB's other senior unsecured obligations.

The Aa1 rating on the notes is based on the executed pricing supplement and the bank's euro medium-term note program prospectus, the agency explained. The Aa1 rating incorporates UOB's a1 baseline credit assessment and the very high likelihood of systemic support from the Singapore government (Aaa stable) in the event of a need, Moody’s added.

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