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Fitch Rates UOB's Australian Dollar Notes 'AA-(EXP)'
September 4, 2014 / 2:07 AM / 3 years ago

Fitch Rates UOB's Australian Dollar Notes 'AA-(EXP)'

(The following statement was released by the rating agency) SINGAPORE, September 03 (Fitch) Fitch Ratings has assigned Singapore-based United Overseas Bank Limited's (UOB; AA-/Stable) proposed Australian-dollar denominated senior unsecured floating rate notes an expected rating of 'AA-(EXP)'. The notes will be issued under UOB's SGD10bn euro medium-term note programme. The final rating is subject to the receipt of final documentation conforming to information already received. 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 will constitute direct, unsecured and unsubordinated obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations. RATING SENSITIVITIES A change in UOB's IDR would affect the issue rating. For more details on UOB's ratings and credit profile, see "Fitch Affirms DBS, DBSH, OCBC and UOB at 'AA-'; Outlook Stable", dated 27 August 2014, available at 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-' Contact: Primary Analyst Elaine Koh Director +65 6796 7239 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Mikho Irawady Associate Director +65 6796 7230 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: Additional information is available on Applicable criteria, "Global Financial Institutions Rating Criteria" dated 31 January 2014 are available at 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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