×

TEXT-S&P Rates United Overseas Bank's MTN Drawdown 'A+'

(The following was released by the rating agency)

SINGAPORE (Standard & Poor's) Oct. 9, 2012--Standard & Poor's Ratings Services today assigned its 'A+' issue rating to a proposed issue of lower Tier 2 subordinated notes by United Overseas Bank Ltd. (UOB: AA-/Stable/A-1+; axAAA/axA-1+).

The proposed issue is a drawdown from UOB's existing Singapore dollar (S$) 5 billion euro medium-term notes program. The issue will at all times rank pari passu with all other direct, subordinated, and unsecured obligations of the bank.

RELATED CRITERIA AND RESEARCH -- Banks: Rating Methodology And Assumptions, Nov. 9, 2011

Keywords: MARKETS RATINGS UNITEDOVERSEASBANKLTD