June 24, 2013 / 1:27 AM / 4 years ago

Fitch Assigns UOB's Offshore Renminbi Notes Final 'AA-' Rating

(The following statement was released by the rating agency) SINGAPORE, June 23 (Fitch) Fitch Ratings has assigned Singapore-based United Overseas Bank Limited's (UOB) offshore CNY500m 2.5% notes due 2016, issued under the bank's SGD10bn euro medium-term note programme, a final rating of 'AA-'. This follows the completion of the notes issue, as well as the receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 10 June 2013. Key Rating Drivers The notes are rated at the same level as UOB's 'AA-' Long-Term Issuer Default Rating (IDR). This is because the notes constitute direct, unsubordinated and senior unsecured obligations of the bank, and rank equally with all its other unsecured and unsubordinated obligations. Rating Sensitivities A change in UOB's IDR, presently on a Stable Outlook, will have an impact on the issue rating. For more details on UOB's ratings and credit profile, see "Fitch Affirms Singapore's DBS, OCBC and UOB; Outlook Stable", dated 17 April 2013, and UOB's full rating report, dated 29 April 2013, available at www.fitchratings.com. UOB's other ratings are as follows: - Long-Term IDR 'AA-'; Outlook Stable - Short-Term IDR 'F1+' - Viability Rating 'aa-' - Support Rating '1' - Support Rating Floor 'A-' Contacts: Primary Analyst Alfred Chan Director +65 6796 7220 Fitch Ratings Singapore PTE Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, "Global Financial Institutions Rating Criteria", dated 15 August 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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